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Please explain step by step. Willets Coffee Equipment sells European style coffee makers and uses a periodic inventory system. Its inventory records show that at
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Willets Coffee Equipment sells European style coffee makers and uses a periodic inventory system. Its inventory records show that at July 1, Willets had 12 units on hand at a cost of $220 each. Transactions related to purchase and sale of coffee makers in July were as follows: a. Using the first-in-first-out (FIFO) method, calculate the ending inventory as at July 31 and the cost of goods sold for the month of July. Prove the cost of goods sold calculations. Show your calculations. b. Using the weighted average method, calculate the value of ending inventoryStep by Step Solution
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