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Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 60
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 60 units50 units from the January 6 purchase and 10 units from the January 25 purchase.
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 60 units-50 units from the January 6 purchase and 10 units from the January 25 purchase Jan. 1 Beginning inventory Jan 6 Purchase Jan. 17 Purchase Jan. 25 Purchase 140 units $3.30 462.00 306 units $2.90 887.40 545 units $2.401,308.00 48.30 $2,705.70 23 units $2.10 Totals 1,014 units Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to nearest whole dollar.) Ending Inventor Cost of Goods Sold 166 (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO : S Which method yields the lowest net income? Specific identification O FIFO O LIFO Weighted averageStep by Step Solution
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