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Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: - - - T - - - T -
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: - - - T - - - T - - - - Date Number Per Transaction of Units Unit - - - - - - - - - - - - - - - - - - - 50 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - + - - - - - - - - + - - - - - - - - - - - - - - - - - Jan. 1 Beg. Inv. $15 Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. - - - - - - - - - - - - - - - - - - - - $25 Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions: - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Specific Identification First-In, First-Out Last-In, First-Out Weighted Average Cost - - - - - - - - - - - - - - - Cost of Goods Sold - - - - - + - Ending Inventory - - - - + - - Gross Margin - - - - - L
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