Question
Oxnard Corporation reported the following information for the month of November 200X, regarding its Product X: Purchases Unit Total Date (Units) Cost Cost November 1,
Oxnard Corporation reported the following information for the month of November 200X, regarding its Product X:
Purchases Unit Total
Date (Units) Cost Cost
November 1, 200X Beginning Inventory 200 $50 $10,000
November 15 Purchase 600 $60 36,000
November 23 Sold 500 units.
November 25 Purchase 400 $70 28,000
November 27 Sold 600 units.
November 28 Purchase 220 $75 16,500
Goods available for sale 1420 $90,500
Required: Compute the cost of goods sold using the FIFO, LIFO, and average cost methods, assuming that the company uses a perpetual inventory system.
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