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Current Attempt in Progress Carla Vista Co uses a periodic inventory system. Its records show the following for the month of May, in which 135 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Ending inventory Cost of goods sold $ Units 55 50 60 165 $ Unit Cost $8 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO 12 13 Total Cost $440 600 780 $1,820 LIFO

Current Attempt in Progress Carla Vista Co uses a periodic inventory system. Its records show the following for the month of May, in which 135 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Ending inventory Cost of goods sold $ Units 55 50 60 165 $ Unit Cost $8 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO 12 13 Total Cost $440 600 780 $1,820 LIFO

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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Current Attempt in Progress Carla Vista Co. uses a periodic inventory system. Its records show the following for the month of May, in which 135 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Ending inventory $ Cost of goods sold Units 55 50 60 165 $ Unit Cost $8 FIFO 12 13 Total Cost Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. $440 600 780 $1,820 LIFO
Transcribed Image Text:Current Attempt in Progress Carla Vista Co. uses a periodic inventory system. Its records show the following for the month of May, in which 135 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Ending inventory $ Cost of goods sold Units 55 50 60 165 $ Unit Cost $8 FIFO 12 13 Total Cost Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. $440 600 780 $1,820 LIFO
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