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4. The Shamrock Corporation had the following inventory transactions for its only product during 2018: Purchases February 15 2,000 units @ $27.00 each April 20

4. The Shamrock Corporation had the following inventory transactions for its only product during 2018:

Purchases

February 15 2,000 units @ $27.00 each

April 20 3,000 units @ $28.40 each

October 25 1,200 units @ $31.25 each

Sales

March 1 1,200 units @ $50.00 each

June 12 2,000 units @ $52.00 each

August 10 1,000 units @ $53.00 each

December 14 1,600 units @ $55.00 each

The company had 1,000 units in its January 1, 2018 beginning inventory with a unit cost of $24 each

a. Calculate the companys December 31, 2018 cost of goods sold and ending inventory using each of the three inventory costing methods. b. Calculate the companys gross profit for 2018 using each of the three inventory costing methods. Clearly show step by step with details how to get ending inventory for FIFO LIFO, AVERAGE COST

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