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Beginning inventory, purchases and sales data for the month of August are as follows: August 1 Beginning Inventory 10 units @ $25 August 5 Sale

Beginning inventory, purchases and sales data for the month of August are as follows:

August 1

Beginning Inventory

10 units @ $25

August 5

Sale

5 units

August 10

Purchase

18 units @ $27

August 12

Sale

13 units

August 27

Purchase

10 units @ $30

Assuming the business maintains a perpetual inventory system, calculate the Cost of Goods Sold and the Ending Inventory using:

a. FIFO: Cost of Goods Sold:_______________________________

Ending Inventory Cost:____________________________

b. LIFO: Cost of Goods Sold:_______________________________

Ending Inventory Cost:____________________________

c. Weighted Average:

Cost of Goods Sold:_____________________________

Ending Inventory:________________________________

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