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Can someone help me out with the step-by-step on fifo and lifo? Spencer Company's inventory records for the most recent year contain the following data:
Can someone help me out with the step-by-step on fifo and lifo?
Spencer Company's inventory records for the most recent year contain the following data: (Click the loon to view the data.) Spencer Company sold a total of 19.200 units during the year. Read the requirements. GELLE Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent.) Average-cost method cost of goods sold $ 296,448 Average-cost method ending inventory = $ 89,552 Requirement 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. 386000 FIFO method cost of goods sold = - X FIFO method ending inventory 89552 Data table Beginning inventory Purchases during year Print Quantity Unit Cost 7,000 $ 14.00 18,000 $ 16.00 Done Step by Step Solution
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