pls solve this The activity aims to assess the student's ability to;...
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Accounting
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The activity aims to assess the student's ability to; 1. Use and organize information to prepare financial statements and other financial reports in measuring the inventory systems for service and merchandise business entities. 2. Deal with different internal control techniques to minimize fraud by reconciling bank statements 1. AAA Company has the following inventory, purchases, and sales data for the month of May. Instructions: Under a periodic inventory system, determine the cost of goods sold for March \& ending inventory cost at March 31 under FIFO and LIFO. Marking Scheme: 2.5 marks for cost of goods sold and 2.5 marks for ending inventory cost under FIFO method (2.5+2.5=5 marks). 2.5 marks for cost of goods sold and 2.5 marks for ending inventory cost under LIFO method (2.5+2.5=5 marks).Total 10 marks]
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