Loggins Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Number

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Loggins Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.

Number Unit Date of Units Price May 7 50 $10 July 28 30 15 On June 1, Loggins sold 25 units, and on August 27, 30 more units. Compute the cost of goods sold using

(a) FIFO,

(b) LIFO, and

(c) average-cost. (Round the cost per unit to three decimal places.)

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Financial Accounting

ISBN: 9781118953907

8th Edition

Authors: Paul D Kimmel, Jerry J Weygandt, Donald E Kieso

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