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January 1 Beginning Inventory 20 $ 70 $ 1,400 March 28 Purchase 30 76 2,280 August 22 Purchase 40 80 3,200 October 14 Purchase 45
January 1 | Beginning Inventory | 20 | $ 70 | $ 1,400 |
---|---|---|---|---|
March 28 | Purchase | 30 | 76 | 2,280 |
August 22 | Purchase | 40 | 80 | 3,200 |
October 14 | Purchase | 45 | 86 | 3,870 |
Goods Available for Sale | 135 | $ 10,750 |
The company sold 45 units on May 1 and 40 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
- FIFO
- LIFO
- Weighted Average
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