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Hector Enterprises records the cost of its inventory using the First-In, First Out method using the perpetual approach. Below is the purchase and sale history
Hector Enterprises records the cost of its inventory using the First-In, First Out method using the perpetual approach. Below is the purchase and sale history of cat treats: Date Units 65.60 Aug 1 Aug 9 Aug 9 Aug 13 Transaction Opening Bal Purchase Sale Purchase $/Unit 105 $ 32 $ 107 69.27 ??? 108 $ 63.66 Aug 29 Sale 48 ??? REQUIRED: Determine the balances for ending Inventory and Cost of Goods Sold for the month of August. How would your answer change if they switched methods to Weighted Average? Make sure you show all your work. (10 marks)
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