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Larson Companys record of transactions for the month of April was as follows. Purchases Sales April 1 Show your calculations. A. Calculate Ending Inventory and
Larson Companys record of transactions for the month of April was as follows. Purchases Sales April 1
Show your calculations.
A. Calculate Ending Inventory and Cost of Goods Sold using the periodic average cost method.
B. Calculate Ending Inventory and Cost of Goods Sold using the periodic LIFO method.
C. Calculate Ending Inventory and Cost of Goods Sold using the periodic FIFO method.
D. What is Gross Profit using the periodic FIFO method?
Purchases Sales April 1 (balance on hand) 700 @ $5.00 April 3 600 @ $10.00 9 1,700 @ 10.00 1,600 @ 5.50 00 1,000 6.00 11 700 @ 11.00 13 1,400 @ 6.50 23 1,400 @ 12.00 21 900 @ 7.00 27 1,000 @ 12.00 5,400 29 600 @ 7.10 6,200Step by Step Solution
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