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Swifty Co. uses a periodic inventory system. Its records show the following for the month of May, in which 71 units were sold. Unit Cost $12 15 May 1 15 24 Units Inventory 33 Purchases 28 Purchases 32 Totals 93 16 Total Cost $396 420 512 $1,328 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.

Swifty Co. uses a periodic inventory system. Its records show the following for the month of May, in which 71 units were sold. Unit Cost $12 15 May 1 15 24 Units Inventory 33 Purchases 28 Purchases 32 Totals 93 16 Total Cost $396 420 512 $1,328 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.

FINANCIAL ACCOUNTING
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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Swifty Co. uses a periodic inventory system. Its records show the following for the month of May, in which 71 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Units 33 28 32 Cost of goods sold 93 Ending inventory at May 31 $ Unit Cost $12 LA 15 16 Total Cost $396 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO 420 512 $1,328 $ SA LIFO
Transcribed Image Text:Swifty Co. uses a periodic inventory system. Its records show the following for the month of May, in which 71 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Units 33 28 32 Cost of goods sold 93 Ending inventory at May 31 $ Unit Cost $12 LA 15 16 Total Cost $396 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO 420 512 $1,328 $ SA LIFO
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