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Compute cost of goods available for sale and the number of units available for sale. Compute the number of units in ending inventory Compute the
Compute cost of goods available for sale and the number of units available for sale.
Compute the number of units in ending inventory
Compute the cost assigned to ending inventory using (1) FIFO, (2) LIFO, (3) weighted average, (4) specific identification.Specific ID sales data:500 units from beginning inventory100 units from the March 13 purchase
Compute gross profit for each of the 4 methods
Cost of goods available for sale
= Beginning Inv 600 units @ $44 = 200 units @ $40 = 100 units @ $20 = $ 26,400 $ 8,000 $ 2,000 Jan. 1 Feb. 10 Mar. 13 Mar. 15 Aug. 21 Sept. 5 Sept. 10 400 units @ $75 $ 30,000 160 units @ $60 280 units @ $48 $ 9,600 $ 13,440 200 units @ $75 $ 15,000 1,340 $ 59,440Step by Step Solution
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