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Harmony Corporation uses the periodic inventory system and had the following inventory information available: Jan 1 20 Jul 25 Oct 20 Beginning inventory Purchase Purchase
Harmony Corporation uses the periodic inventory system and had the following inventory information available: Jan 1 20 Jul 25 Oct 20 Beginning inventory Purchase Purchase Purchase Units 15 60 30 45 150 Unit Cost $4.00 4.40 4.20 4.80 Total Cost S 60 264 126 216 $666 A physical inventory count on December 31 showed that there were 50 units on hand Instructions Use the answer section below to show calculations for the following: (a) Assume that the company uses FIFO. The value of the ending inventory at December 31 is $ (b) Assume that the company uses average cost. The value of the ending inventory on December 31 is $_ (c) Assume that the company uses average cost. The value of cost of goods sold for the year ended December 31 is $_ (d) Assume that the company uses FIFO. The value of the cost of goods sold for the year ended December 31 is $_
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