Question 5 Opening and closing inventory balances and purchases for the month of May2020for CardiniaHearing Ltd are as follows: Units Per unit 7,000 $4.00 Inventory, 1 May Purchase, 3 May Purchase, 15 May Purchase, 20 May Inventory, 31May 8,000 4.10 11,000 4.20 15,000 4.25 20,000 Required: Determine the cost of goods sold for May under each of the following cost flow assumptions: (a) FIFO (b) Weighted average (c) LIFO

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question 5
Opening and closing inventory balances and purchases for the month of May2020for
CardiniaHearing Ltd are as follows:
Units
Per unit
7,000
$4.00
Inventory, 1 May
Purchase, 3 May
Purchase, 15 May
Purchase, 20 May
Inventory, 31May
8,000
4.10
11,000
4.20
15,000
4.25
20,000
Required:
Determine the cost of goods sold for May under each of the following cost flow
assumptions:
(a) FIFO
(b) Weighted average
(c) LIFO
Transcribed Image Text:Question 5 Opening and closing inventory balances and purchases for the month of May2020for CardiniaHearing Ltd are as follows: Units Per unit 7,000 $4.00 Inventory, 1 May Purchase, 3 May Purchase, 15 May Purchase, 20 May Inventory, 31May 8,000 4.10 11,000 4.20 15,000 4.25 20,000 Required: Determine the cost of goods sold for May under each of the following cost flow assumptions: (a) FIFO (b) Weighted average (c) LIFO
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