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Determine the ending inventory cost and the cost of goods sold by three methods. Round answers to the nearest whole dollar Periodic inventory by three
Determine the ending inventory cost and the cost of goods sold by three methods. Round answers to the nearest whole dollar
Periodic inventory by three methods, cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units at $114 Mar. 10 Purchase 70 units at $126 Purchase 20 units at $134 Dec. 12 Purchase 80 units at $138 There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods, Round interim calculations to one decimal and final answers to the nearest whole dollar. Aug. 30 Cost of Ending Inventory and cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold Fiestin, Test-out (FIFO) Lastin, first-out (FO) Weighted average cost Step by Step Solution
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