Zaynab Company uses a periodic inventory system. Its records show the following for the month of May, in which 60 units were sold. Units Unit Cost Total Cost May 1 Inventory 30 OMR 9 OMR 270 15 Purchase 22 11 242 24 Purchase 38 12 456 Totals 90 OMR968 Instructions: Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO and Average-cost methods.
Zaynab Company uses a periodic inventory system. Its records show the following for the month of May, in which 60 units were sold. Units Unit Cost Total Cost May 1 Inventory 30 OMR 9 OMR 270 15 Purchase 22 11 242 24 Purchase 38 12 456 Totals 90 OMR968 Instructions: Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO and Average-cost methods.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Zaynab Company uses a periodic inventory system. Its records show the following for the month of May, in which 60 units were sold.
|
|
Units |
Unit Cost |
Total Cost |
May 1 |
Inventory |
30 |
OMR 9 |
OMR 270 |
15 |
Purchase |
22 |
11 |
242 |
24 |
Purchase |
38 |
12 |
456 |
|
Totals |
90 |
|
OMR968 |
Instructions: Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO and Average-cost methods.
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