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*Please type the answer, don't write on paper. XYZ INC.'S BEGINNING INVENTORY AND PURCHASES DURING THE YEAR ENDED DECEMBER 31, 2019, WERE AS FOLLOWS: DATE
*Please type the answer, don't write on paper.
XYZ INC.'S BEGINNING INVENTORY AND PURCHASES DURING THE YEAR ENDED DECEMBER 31, 2019, WERE AS FOLLOWS: DATE INFO UNIT TOTAL COST UNIT COST $8.0 JAN 1 INVENTORY 1200 $9600 MAR 23 SOLD 450 APR 20 PURCHASE 500 $9.0 $4500 $6800 JUN 2 PURCHASE 800 $8.5 AUG 28 SOLD 1600 OCT 20 PURCHASE 2000 $8.3 $8.6 $16600 $5160 NOV 8 PURCHASE 600 NOV 16 SOLD 2350 TOTAL PURCHASES 5100 $42660 Determine the cost of inventory on December 31, 2019, using the periodic inventory system and each of the following inventory costing methods: a. LASt-in, first-out b. FIRST-in, first-out C. weighted average costStep by Step Solution
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