1. Calculate the number of units sold. 2. Calculate cost of goods sold, cost of ending inventory,...
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- 1. Calculate the number of units sold.
- 2. Calculate cost of goods sold, cost of ending inventory, and gross margin for Best Buy using the weighted-average inventory costing method.
- 3. Calculate cost of goods sold, cost of ending inventory, and gross margin for Amazon using the FIFO inventory costing method.
- 4. Calculate cost of goods sold, cost of ending inventory, and gross margin for Target using the LIFO inventory costing method.
- 5. If prices are decreasing, would FIFO or LIFO produce the highest income? Explain.
- 6. Would FIFO or LIFO produce the highest inventory cost on the balance sheet if prices are rising? Explain.
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