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Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove
Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 3 decimal places for computations.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $ Bramble Distribution markets CDs of numerous performing artists. At the beginning of March, Bramble had in beginning inventory 2,300 CDs with a unit cost of $6. During March, Bramble made the following purchases of CDs. March 5 2,875 $7 March 21 5,450 @ $9 March 13 4,025 $8 March 26 2,600 $10 During March 13,000 units were sold. Bramble uses a periodic inventory system
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