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Inventory Costing Methods The following data are for the Miller Corporation, which sells just one product: Unit Units Cost 200 $6 500 $7 February 11
Inventory Costing Methods The following data are for the Miller Corporation, which sells just one product: Unit Units Cost 200 $6 500 $7 February 11 May 18 400 $8 October 23 100 $9 March 1 400 July 1 400 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Round your final answers to the nearest dollar. Beginning inventory January 1 Purchases: Sales Cost of goods sold Ending inventory a. FIFO $ 0 $ b. LIFO $ 0 $ c. Weighted average $ 0 $ 0 0 0
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