Question
Chopin Company sells product A. The beginning inventory for product A was 76 units @$246 per unit. During the year, Chopin purchased 116 units of
Chopin Company sells product A. The beginning inventory for product A was 76 units @$246 per unit. During the year, Chopin purchased 116 units of product A at $222 per unit. The company sold 146 units of product A@$406 per unit at the end of the year. Required: Determine the amount of product cost that would be allocated to cost of goods sold and ending inventory using (1) FIFO, (2) LIFO, and (3) welghted average. Note: Do not round Intermedlate calculations and round your final answers to the nearest whole dollar. Cost of Goods Sold Ending inventory 1. FIFO 2. LIFO 3. Weighted average
Chopin Company sells product A. The beginning Inventory for product A was 76 units @$246 per unIt. Durlng the year, ChopIn purchased 116 units of product A at $222 per unlt. The company sold 146 unlts of product A@$406 per unlt at the end of the year. Requlred: Determine the amount of product cost that would be allocated to cost of goods sold and ending Inventory using (1) FIFO, (2) LIFO, and (3) welghted average. Note: Do not round Intermedlate calculatlons and round your final answers to the nearest whole dollar
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