Calculate the amount allocated to cost of goods sold


Naab Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 160 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 62 $18 $1,116 May 15 Purchase 51 21 1,071 May 24 Purchase 82 23 1,886 Total 195 $4,073 Calculate the ending inventory at May 31 using the (a) FIFO, (b) average-cost, and (c) LIFO methods. (Round all answers to 0 decimal places, e.g. 2,555. For average cost computations round the per unit cost to 3 decimal places, e.g. 2.550.) FIFO $ Average-cost $ LIFO $ Calculate the amount allocated to cost of goods sold under each method. FIFO $ Average-cost $ LIFO $

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Accounting Basics: Calculate the amount allocated to cost of goods sold
Reference No:- TGS0709866

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