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A company provides the following inventory records. Number of units sold - Selling price per unit 8,5000 $30.00 Number Date Transaction of Units Unit
A company provides the following inventory records. Number of units sold - Selling price per unit 8,5000 $30.00 Number Date Transaction of Units Unit Cost Total Cost January 1 Beginning inventory 1,200 $10.25 $12,300 March 12 Purchase 2,200 10.30 22,660 June 5 Purchase 2,700 10.40 28,080 October 22 Purchase 3,900 10.60 41,340 Totals 10,000 $104,380 Required: 1. Based on the information given above, calculate cost of goods sold and ending inventory using the FIFO method. 2. Calculate cost of goods sold and ending inventory using the LIFO method. 3. Calculate cost of goods sold and ending inventory using the Weighted Average Method. 4. Calculate gross profit under all three methods.
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