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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 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 Click if you would like to Show Work for this question: Open Show Work

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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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
Transcribed Image Text: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
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