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Calculate the Cost of Goods using the FIFO method... please show work so I can understand. COMPREHENSIVE EXAMPLE INVENTORY COST FLOW METHODS USING A PERPETUAL
Calculate the Cost of Goods using the FIFO method... please show work so I can understand.
COMPREHENSIVE EXAMPLE INVENTORY COST FLOW METHODS USING A PERPETUAL INVENTORY SYSTEM: One Molecule Away From Legal Supplement Company sells a popular horse testoste rone product. During the month of August, the following transactions occurred. As of August 1, beginning inventory was 700 units at $10/unit. August 3: Purchased 500 units at $12/unit August 8: Sold 1,000 units at $20/unit August 15: Purchased 800 units at $14/unit August 22: Sold 650 units at $22/unit August 28: Purchased 300 units at $16/unit Calculate (A) Cost of Goods Sold, (B) Value of Ending Inventory, and (C) Gross Profit if: A) The company applies the FIFO inventory cost flow method B) The company applies the LIFO inventory cost flow method C) The company applies the Weighted (Moving) Average cost flow methodStep by Step Solution
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