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Laird Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 200 units at $45 per unit. During the year,
Laird Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 200 units at $45 per unit. During the year, Laird made two batch purchases of coffee makers. The first was a 300-unit purchase at $50 per unit; the second was a 350-unit purchase at $52 per unit. During the period, Laird sold 800 coffee makers. |
Required: |
Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Laird uses (Omit the "$" sign in your response.) |
a. FIFO. |
b. LIFO. |
c. Weighted average. (Do not round average cost per unit. Round Cost of Goods Sold and Ending Inventory to the nearest dollar.) |
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