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Swifty Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 73 units were sold. Date May 1 May 15 May 24 Explanation Units Unit Cost Inventory 30 $10 Purchase 26 Purchase Total 43 99 11 12 Total Cost $300 286 516 $1,102

Swifty Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 73 units were sold. Date May 1 May 15 May 24 Explanation Units Unit Cost Inventory 30 $10 Purchase 26 Purchase Total 43 99 11 12 Total Cost $300 286 516 $1,102

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Calculate the Cost of goods sold and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ Ending inventory
Transcribed Image Text:Calculate the Cost of goods sold and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ Ending inventory
Swifty Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 73 units were sold. Date May 1 May 15: May 24 Explanation Units Inventory Purchase Purchase Total 30 26 43 99 Unit Cost $10 11 12 Total Cost $300 286 516 $1,102
Transcribed Image Text:Swifty Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 73 units were sold. Date May 1 May 15: May 24 Explanation Units Inventory Purchase Purchase Total 30 26 43 99 Unit Cost $10 11 12 Total Cost $300 286 516 $1,102
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