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Mojo Industries tracks the number of units purchased and sold throughout each acoounting period but applies its inventory costing method at the end of each
Mojo Industries tracks the number of units purchased and sold throughout each acoounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory's selling price is $14 per unit. $1,550 $5.00 310 Inventory, January 1 (200) Sale, January 10 1,980 Purchase, January 12 Sale, January 17 (150) Purchase, January 26 6.50 Assuming that for Specific identification method (item 1d) the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase. Required 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) Amount of Goods Ending Inventory Cost of Goods Available for Sale a. Weighted average cost b, First-n, first-out Last-in, first-out d. Specific identification 2a. of the four methods, which will result in the highest gross profit? Weighted average cost O First-in, first-out Last-in, first-out Specific identification 2-b. Of the four methods, which will result in the lowest income taxes? MacBook Ai
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