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please assist me with the requirements on this Dave Company's inventory records for its retail division show the following at March 31: E: (Click the
please assist me with the requirements on this
Dave Company's inventory records for its retail division show the following at March 31: E: (Click the icon to view the accounting records.) At March 31, 10 of these units are on hand. Read the requirements Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a) specific identification, then (b) average cost, then (C) FIFO, and finally (d) LIFO. (Round the average whole dollar.) Number of units Cost of goods sold Ending inventory Data Table Mar 1 Beginning inventory .... 7 units @ $ 15 Purchase ........... 5 units @ 26 Purchase .............. 11 units @ 165 = $ 1,155 166 = $ 830 175 = $ 1,925 Print Done A Requirements 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with five $165 units and five $175 units still on hand at the end b. Average cost c. FIFO d. LIFO 2. Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? What causes the difference in cost of goods sold? Print DoneStep by Step Solution
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