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Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory item Date
Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory item Date Units Purchased at Cost Units Sold at Retail Description Beginning inventory Sept. 1 400 units @ $13 Sept. 10 Purchase 600 units @ $14 Sales Sept. 20 Sept. 25 690 units @ $24 Purchase 900 units at $16 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. FIFO LIFO Avg Cost Cost of goods sold Ending inventory
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