ballos co uses a periodic inventory system its record show

: 50 min. BACK Question 6 Ballas Co. uses a periodic inventory system. I ts records show the following for the month of May, in which 181 units were sold. Unit Units Cost Total Cost May 1 Inventory 80 15 Purchases 67 $14 17 $1,120 1,139 24 Purchases 93 18 1,674 $3,933 Totals 240 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31s Cost of goods sold Question Attempts: 0 of 1 used SAVE FOR LERUBHIT ANS

Solution

Ending inventory under FIFO:-

Ending inventory under LIFO:-

Cost of goods sold under FIFO:-

Total=3933

   ( 93-59=34units )

Cost of goods sold under LIFO:-

( 80-59=21units)

Total=3107

Total units	240
units sold	181
ending inventory	59