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Compute the ending inventory at May

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Question - Sheffield Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 117 units were sold.

Date

Explanation

Units

Unit Cost

Total Cost

May 1

Inventory

54

$10

$540

May 15

Purchases

45

13

585

May 24

Purchases

63

14

882

Totals

162

$2,007

Required - Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods.

Reference no: EM133132222

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