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FIFO, LIFO, and Average Cost Vaughn Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20
FIFO, LIFO, and Average Cost
Vaughn Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. 980 units were sold. Vaughn Company uses a periodic inventory system. 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). (Round answers to 0 decimal places, e.g. 1,250.) Step by Step Solution
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