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7 A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of
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A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: * Includes purchase price and cost of freight. Questions: (1) Calculate January's ending inventory and cost of goods sold for the month using FIFO, LIFO, and Average Cost under the periodic system (2) Calculate January's ending inventory and cost of goods sold for the month using FIFO, LIFO, and Average Cost under the perpetual system Step by Step Solution
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