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Given the following data, calculate cost of goods sold and the cost of ending inventory. 3 separate methods, FIFO, LIFO and Weighted Average. You must
Given the following data, calculate cost of goods sold and the cost of ending inventory.
3 separate methods, FIFO, LIFO and Weighted Average. You must show ALL calculations.
Date Transaction
1/10 Bought 100 inventory units @ $12
1/20 Bought 200 inventory units @ $15
1/25 Sold 150 inventory units @ $26
1/28 Bought 100 inventory units @ $17
1/31 Sold 120 inventory units @ $26
2/4 Bought 60 inventory units @ $18
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
Purchases 100 200 100 60 460 units Units sold 150 120 270 units End...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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