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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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