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Mike Company uses a periodic inventory system. At the end of the annual accounting period, December 3 1 of the current year, the accounting records
Mike Company uses a periodic inventory system. At the end of the annual accounting period, December of the current year, the accounting records provided the following information for product :
Units Unit Cost
Inventory, December prior year $
For the current year:
Purchase, March
Purchase, August
Inventory, December current year
Required:
Compute Mike's ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. Round "Average cost per unit" to decimal places and final answers to nearest whole dollar amount.
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