Exercise 6-06 (Video) Coronado Co. uses a periodic inventory system. Its records show the following for the month of May, in which 71 units were sold. Unit Units Cost Total Cost May 1 Inventory 34 $11 $374 15 Purchases 27 14 378 24 Purchases 32 15 480 Totals 93 $1,232 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 $ 24 Cost of goods sold $4 Click if you would like to Show Work for this question: Open Show Work

Exercise 6-06 (Video) Coronado Co. uses a periodic inventory system. Its records show the following for the month of May, in which 71 units were sold. Unit Units Cost Total Cost May 1 Inventory 34 $11 $374 15 Purchases 27 14 378 24 Purchases 32 15 480 Totals 93 $1,232 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 $ 24 Cost of goods sold $4 Click if you would like to Show Work for this question: Open Show Work

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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