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A company had the following related to inventory during its first year of business: 1 (Click the icon to view the sales and purchases.) The
A company had the following related to inventory during its first year of business: 1 (Click the icon to view the sales and purchases.) The company uses a periodic inventory system. Complete the following in the determination of gross profit for each of the inventory costing methods. 0) Using FIFO inventory costing More Info January 5 Purchased 35 units at $110 each February 15 Sold 10 units at $140 each April 10 Sold 15 units at $140 each June 30 Purchased 40 units at $115 each August 15 Sold 40 units at $140 each November Purchased 45 units at $130 each 28 Gross profit (ii) Using LIFO inventory costing: Gross profit Print Done i) 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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