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Help! I need to Determine the cost of goods available for sale, Calculate Average Cost, and Determine the ending inventory and the cost of goods
Help! I need to Determine the cost of goods available for sale, Calculate Average Cost, and Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Please help me fill this out.
Pre Problem 6-3A Groves Company Inc. had a beginning inventory of 126 units of Product MLN at a cost of $10 per unit. During the year, purchases were: Feb. 20 754 units at $11 May 5 628 units at $13 Dec. 8 126 units at $15 Groves Company uses a periodic inventory system. Sales totaled 1,884 units. Aug. 12 502 units at $14 (a) Determine the cost of goods available for sale. The cost of goods available for sale ,s (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. 150. FIFO LIFO AVERAGE-COST The ending inventory The cost of goods soldStep by Step Solution
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