Question
During October, Tedesco Company sold 240 unit of product R. It's beginning inventory and purchases during the month were as follows: Oct 1 Beginning inventory
Oct 1 | Beginning inventory | 100 units @ $20 |
Oct 5 | Purchases | 100 units @ $24 |
Oct 10 | Purchases | 100 units @ $22 |
Oct 15 | Purchases | 100 @ $24 |
Oct 20 | Purchases | 100 units @ $28 |
Oct 25 | Purchases | 100 units @ $26 |
Compute the cost of goods sold under each of three methods: a. Average cost, b. LIFO and c. FIFO. Assume the periodic inventory system is used.
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Authors: Heintz and Parry
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