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A company began August with 75 units of inventory that cost $20 each. Assume a perpetual inventory system. During August, the company had the following
A company began August with 75 units of inventory that cost $20 each. Assume a perpetual inventory system. During August, the company had the following transactions (Click the icon to view the transactions) Determine the company's cost of goods sold for August using each of the inventory costing methods indicated. (For weighted-average calculations, round per unit costs to the nearest cent and all other amounts to the nearest dollar.) Data Table The cost of goods sold amount for August using FIFO inventory costing is S The cost of goods sold amount for August using LIFO inventory costing is S The cost of goods sold amount for August using weighted-average inventory costing is $ Units Unit Cost Unit Sales Price Aug 3 Sale 65 S 59 8 Purchase 70 $ 28 21 Sale 60 75 30 Purchase 25 45 The following data are available for a company: EEB (Click the icon to view the information.) Data Table Assume a perpetual inventory system. Units 3,900 4,800 1,000 2,000 9,800 5,700 3,600 8,100 1,900 Transaction Unit Cost Beginning inventory 1/1 Purchases, January 23 Purchases, February 14 Purchases, March 17 $ 17.40 16.50 16.70 17.20 Using the FIFO inventory costing method, what is cost of goods sold for the year? S Using the LIFO inventory costing method, what is the cost of ending inventory? $ Units Sold - April 13 at $24 Purchases, May 5 Purchases, July 4 15.40 16.90 Units Sold - October 31 at $21 Purchases, November 22 15.60
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