Nyhus Gifts reported the following current-year data for its only product. The company uses a periodic inventory

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Nyhus Gifts reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory' consists of 300 units, 100 from each of the last three pur¬

chases. Determine the cost assigned to ending inventory and to cost of goods sold using

(a) specific iden¬

tification,

(b) weighted average,

(c) FIFO, and

(d) LIFO. Which method yields the lowest net income? kh7

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Financial Accounting Information For Decisions

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Authors: John J Wild

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Nyhus Gifts reported the following current-year data for its only product. The company uses a periodic inventory

Question:

Jan. T Beginning inventory Mar. 7 Purchase July 28 Purchase = 280 units @ $3.00 - $840 600 units @$2.80= 1,680 800 units @ $2.50 = 2,000 Oct. 3 Purchase 1,100 units @ $2.30 2,530 Dec. 19 Purchase 250 units @$2.00 = 500 Totals. 3,030 units $7,550

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Financial Accounting Information For Decisions

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