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Inventory information for Bordeaux Shoes is as follows: Purchased 430 pairs of shoes at $68 each in June, 970 pairs in August at $70 each,
Inventory information for Bordeaux Shoes is as follows: Purchased 430 pairs of shoes at $68 each in June, 970 pairs in August at $70 each, and 610 pairs in December at $73 each. Sold 1,875 pairs of shoes during the year. Required: Calculate both the cost of good sold and the cost of ending inventory using each of following inventory costing methods assuming the periodic inventory system is used. FIFO LIFO Weighted Average
Inventory information for Bordeaux Shoes is as follows: Purchased 430 pairs of shoes at $68 each in June, 970 pairs in August at $70 each, and 610 pairs in December at $73 each. Sold 1,875 pairs of shoes during the year. Required: Calculate both the cost of good sold and the cost of ending inventory using each of following inventory costing methods assuming the periodic inventory system is used. a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required C FIFO Cost of Goods Sold Ending InventoryStep by Step Solution
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