London Co. uses a periodic inventory system. Its records show the following for the month of May, in which 80 units were sold.

Instructions
Compute the ending inventory at May 31 and cost of goods sold using the (1) FIFO and (2) LIFO methods. Prove the amount allocated to cost of goods sold under each method.

Question

London Co. uses a periodic inventory system. Its records show the following for the month of May, in which 80 units were sold.

Instructions
Compute the ending inventory at May 31 and cost of goods sold using the (1) FIFO and (2) LIFO methods. Prove the amount allocated to cost of goods sold under each method.

Quizplus · Accepted Answer

The Answer of London Co. uses a periodic inventory system. Its records show the following for the month of May, in which 80 units were sold.

Instructions
Compute the ending inventory at May 31 and cost of goods sold using the (1) FIFO and (2) LIFO methods. Prove the amount allocated to cost of goods sold under each method.

London Co Uses a Periodic Inventory System