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I need help finding the COGS and Ending Inventory using FIFO, LIFO, and Average Cost method! Please Help! Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods
I need help finding the COGS and Ending Inventory using FIFO, LIFO, and Average Cost method! Please Help!
Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Sept. 1 Beginning inventory 400 units @ $19 Sept. 10 Purchase Sept. 20 Sales Sept. 25 Purchase Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods. Units Purchased at Cost Units Sold at Retail 600 units@ $21 650 units @ $36 800 units at $22 FIFO LIFO Avg Cost Cost of goods sold Ending inventoryStep by Step Solution
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