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Harris Bearing Company uses the periodic inventory system to account for its inventory. The following information was available from the companys inventory records for October:
Harris Bearing Company uses the periodic inventory system to account for its inventory. The following information was available from the companys inventory records for October:
Purchases
10/1 (balance) 2,400 units @$10
10/12 3,000 units @$5
10/25 1,500 units @$9
Sales
10/14 3,800 unites @$16
10/30 1,700 units @21
- Calculate Harriss cost of ending inventory as of October 31 by using
- average cost method.
- FIFO costing method.
- LIFO costing method.
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