Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold.
Instructions
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method.
Solution
Ballas Co.
FIFO Method
FIFO Method
Ballas Co.
LIFO Method
LIFO Method
