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Lucas Corporation uses the periodic inventory system and the following information about their laptop computer is available: Date Transaction Number of Units Cost per Unit
Lucas Corporation uses the periodic inventory system and the following information about their laptop computer is available:
Date | Transaction | Number of Units | Cost per Unit |
1/1 | Beginning Inventory | 50 | $ 300 |
5/5 | Purchase | 200 | $ 320 |
8/10 | Purchase | 300 | $ 350 |
10/15 | Purchase | 200 | $ 360 |
During the year, 600 laptop computers were sold. What was ending inventory under the FIFO cost flow assumption?
What was Cost of Goods Sold under the LIFO cost flow assumption?
What was Cost of Goods Sold under the Weighted Average cost flow assumption?
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