Question
Groves Company Inc. had a beginning inventory of 124 units of Product MLN at a cost of $10 per unit. During the year, purchases were:
Groves Company Inc. had a beginning inventory of 124 units of Product MLN at a cost of $10 per unit. During the year, purchases were: Feb. 20 743 units at $11 Aug. 12 496 units at $14 May 5 620 units at $12 Dec. 8 124 units at $15 Groves Company uses a periodic inventory system. Sales totaled 1,859 units. (a) Determine the cost of goods available for sale. The cost of goods available for sale $ (b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost $ Determine the ending inventory and 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. 125.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $
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