A company reported the following December purchases and sales data for its only product. The company uses
Question:
A company reported the following December purchases and sales data for its only product. The company uses a periodic inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using
(a) Specific identification
(b) FIFO
(c) LIFO
(d) Weighted average.
For specific identification, ending inventory consists of 10 units, where 8 are from the December 30 purchase and 2 are from the December 8 purchase.
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a Specific identification b FIFOPeriodic c LIFOPeriodic d WAPeriodic Dat...View the full answer
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