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Please answer this problem and include the steps to solve. The Inventory recouts of Cushing Inc. reflected the following Information for the year ended December
Please answer this problem and include the steps to solve.
The Inventory recouts of Cushing Inc. reflected the following Information for the year ended December 31, 2019 Sumber o Unito 190 Unit Cost $ 13.5 Total Coat $ 2,565 320 400 910 15.5 16.5 Inventory, Jandary 1 Purchases May 30 September 28 Goods available for sale Sales: April 10 June 11 November Inventary, December 31 4,960 6,600 $ 14,125 (140) (300) (380) 90 Required: a. Assume that Cushing, Inc., uses a periodic Inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO FIFO LIFO Cost of goods sold Ending inventory b. Assume that Cushing, Inc, uses a perpetual Inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. TO UFO Cost of goods sold Finding inventoryStep by Step Solution
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