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Compute the missing amounts in the income statement under the three different inventory costing methods. (ignore income tax) FIFO LIFO Average Cost $90,000 $90,000 Sales
Compute the missing amounts in the income statement under the three different inventory costing methods. (ignore income tax)
FIFO LIFO Average Cost $90,000 $90,000 Sales revenue (3,000 units) $90,000 Cost of goods sold: Beginning inventory (1,000 units @ $10 per unit) | 10,000 Purchases (4,000 units @ $12 per unit) Cost of goods sold | 10,000 10,000 Ending inventory (2,000 units) Gross profitStep by Step Solution
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