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Im taking this at my community college so I thought it would be easy but i really need help with this Cost $ 3.00 Total
Im taking this at my community college so I thought it would be easy but i really need help with this
Cost $ 3.00 Total Cost $ 600 Transactions Inventory, January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 Units 200 (150) 250 (100) 50 3.50 875 4.50 225 Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: a. Weighted average cost. b. First-in, first-out. c. Last-in, first-out. d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase. 2-a. Of the four methods, which will result in the highest gross profit? 2-b. Of the four methods, which will result in the lowest income taxes? Complete this question by entering your answers in the tabs below. Req1 Reg 2A Reg 2B Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the inventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) Cost of Goods Amount of Goods Available for Sale Ending Inventory Sold a. Weighted average cost b. First-in, first-out c. Last-in, first-out: -, -: d. Specific identificationStep by Step Solution
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