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Abiy's Apple Pies purchases pies from a supplier, which it then sells to customers. During the year, it had the following information related to its
Abiy's Apple Pies purchases pies from a supplier, which it then sells to customers. During the year, it had the following information related to its inventory:
Beginning Inventory | 120 units, purchased for $3 each. |
Sale | 90 units, sold for $10 each |
Purchase | 20 units, purchased for $4 each. |
Purchase | 15 units, purchased for $5 each. |
Sale | 25 units, sold for $11 each. |
A. Using the information above, complete the following table related to Abiy's Apple Pies. Assume Abiy's uses the periodic inventory method. Round your final answer to the nearest whole number.
FIFO | LIFO | Average Cost | |
Cost of Goods Sold | |||
Ending Inventory |
B. Using the same information for Abiy's Apple Pies, complete the following table. Assume Abiy uses the perpetual inventory method.
FIFO | LIFO | |
Cost of Goods Sold | ||
Ending Inventory | ||
Gross Profit |
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A Using the periodic inventory method To calculate the cost of goods sold COGS and ending inventory using the FIFO FirstIn FirstOut LIFO LastIn FirstO...Get Instant Access to Expert-Tailored Solutions
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