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A company had the following related to inventory during its first year of business: (Click the icon to view the sales and purchases.) More Info
A company had the following related to inventory during its first year of business: (Click the icon to view the sales and purchases.) More Info The company uses periodic inventory system. Complete the following in the determination of gross profit for each of the inventory costing methods. (i) Using FIFO inventory costing: January 5 Purchased 35 units at $115 each February 15 Sold 10 units at $135 each April 10 Sold 15 units at $135 each June 30 Purchased 40 units at $125 each August 15 Sold 20 units at $135 each November Purchased 10 units at $130 each 28 Gross profit (ii) Using LIFO inventory costing: Print Done Gross profit (iii) Using weighted average inventory costing: (For calculations round cost per unit to the nearest cent. Round all other amounts to the nearest dollar.) Gross profit
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