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Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period. Units Unit Cost Beginning Inventory 100 $
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period.
Units | Unit Cost | |
---|---|---|
Beginning Inventory | 100 | $ 56 |
Purchases: #1 | 650 | 52 |
#2 | 550 | 48 |
#3 | 200 | 46 |
Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, last out.
(a) First-in, first-out | ||
Ending inventory | $Answer | |
Cost of goods sold | $Answer | |
(b) Average cost | ||
Ending inventory | $Answer | |
Cost of goods sold | $Answer | |
(c) Last-in, first-out | ||
Ending inventory | $Answer | |
Cost of goods sold | $Answer |
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