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ABC Company has the following sales, inventory, and purchases during the fiscal year ended December 31, 2020. ABC Company used a perpetual inventory system. Beginning
ABC Company has the following sales, inventory, and purchases during the fiscal year ended December 31, 2020. ABC Company used a perpetual inventory system. Beginning 290 @ $ 82/unit Inventory units March 10 205 @ $ 86/unit purchased units March 20 sold 370 @ $162/unit units April 30 281 a $ 80/units purchased units July 5 255 @ $ 66/unit purchased units September 15 510 @ $162/unit sold units Required 1. Calculate the dollar value of ending inventory and cost of goods sold using a. FIFO b. Moving Weighted Average Method. Round all unit costs to two decimal places. (Show your calculations on 11 columns worksheet) 2. Using your calculations from part 1, complete the following schedule. Sales Cost of Goods Sold Gross Profit FIFO Moving Weighted Average Method
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