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I need assistance please PROBLEMS Total Cost $ 6,000 S120 130 150 160 10,400 15,000 11.200 $42.600 70 Problem 5 (LO 3) FIFO, LIFO, AND
I need assistance please
PROBLEMS Total Cost $ 6,000 S120 130 150 160 10,400 15,000 11.200 $42.600 70 Problem 5 (LO 3) FIFO, LIFO, AND WEIGHTED-AVERAGE on the information provided in the financial statements. You have been asked to demonstrate the impact of Hickman Equipment Co. sells stereo equipment and is interested in the effect that the inventory method has various inventory methods for one item of merchandise handled by Hickman. Use the information provided below for your analysis Units Unit Price Beginning inventory 50 Purchases during period: 1st purchase 80 2nd purchase 100 3rd purchase Total 300 Number of units sold: 280 Net sales revenue for the period: $54,000 Required: Compute cost of goods sold, ending inventory, and gross profit using the FIFO, LIFO, and weighted-average cost methods. FIFO Inventory Method Cost of Ending Inventory Date Cost of Goods Sold 20-11 Unit Unit Total 20-2 Units Price Price Units Total Problem 5 (Concluded) LIFO Inventory Method CHAPTER 13 Date 20-1/ 20-2 Cost of Goods Sold Unit Units Price Total Cost of Ending Inventory Unit Units Price Total Weighted Average Method Step by Step Solution
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