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Please Provide an explanation as well. Any help is greatly appreciated! ACC 201, Sec 001, Spring 2020, Miller (1) Homework: Graded MAL HW #6 [Ch

Please Provide an explanation as well. Any help is greatly appreciated!image text in transcribed

ACC 201, Sec 001, Spring 2020, Miller (1) Homework: Graded MAL HW #6 [Ch 6] Spr 2020 Score: 0 of 19 pts Instructor-created question A company had the following related to inventory during its first year of business: (Click the icon to view the sales and purchases.) The company uses a periodic inventory system. Complete the following in the determination of gross profit for each of the inventory costing methods. (1) Using FIFO inventory costing: Gross profit (II) Using LIFO inventory costing: Gross profit (iii) Using weighted average inventory costing: (For calculations round cost per unit to the nearest cent. Round all other amounts to the nearest dollar.) Gross profit * More Info January 5 February 15 April 10 June 30 August 15 November Purchased 55 units at $120 each Sold 10 units at $170 each Sold 35 units at $170 each Purchased 40 units at $125 each Sold 20 units at $170 each Purchased 25 units at $130 each 28 Print Done

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