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Knowledge Check 0 1 Knowledge Check 0 1 Knowledge Check 0 1 A company uses a periodic inventory system. On November 1 , the company

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Knowledge Check 01Knowledge Check 01Knowledge Check 01
A company uses a periodic inventory system. On November 1, the company had 8 items of beginning inventory with a cost of $22 per
unit. On November 2, the company purchased 10 units at $21 per unit. On November 6, the company purchased 5 units at $25 per
unit. Then, on November 8, the company sold 18 units. Using LIFO, the cost of the 18 units sold is
Cost of the units sold
A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $7 per unit.
On August 3, the company purchased 16 units at $14 per unit. Then, on August 5, the company sold 12 units. Using FIFO, the cost of
the 12 units sold is
Cost of the units sold
A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $7 per unit.
On August 3, the company purchased 16 units at $14 per unit. Then, on August 5, the company sold 12 units. The 12 units sold
consisted of 7 units from the August 3rd purchase and 5 units from the August 1st beginning inventory. Using specific identification, the
cost of the 12 units sold is
Cost of the units sold
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