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2: Dhofar Company has the following information regarding its inventory items for 20 21. Date Event Details Jan. 1 Balance 5 00 units @ RO3
2: Dhofar Company has the following information regarding its inventory items for 2021.
Date | Event | Details |
Jan. 1 | Balance | 500 units @ RO3.5 |
April 7 | Purchase | 300 units @ RO4.5 |
June 17 | Sale | 325 units |
Aug. 13 | Purchase | 280 units @ RO6 |
Oct. 16 | Sale | 310 units |
Nov. 12 | Purchase | 200 units @ RO 6.5 |
Dec. 21 | Sale | 150 units |
a. Using the periodic system, determine cost of goods sold and the ending inventory balance under FIFO, LIFO, and weighted average.
b. Determine FIFO, LIFO, and weighted average under the perpetual system.
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