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Presented below is information related to Blowfish radios for the Whispering Company for the month of July. Calculate average cost per unit. (Round answer to
Presented below is information related to Blowfish radios for the Whispering Company for the month of July. Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted-average cost Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Rounc answers to 0 decimal places, e.g. 6,578.) (1) FIFO. (2) LIFO. (3) Weighted-average. Which of the methods used above will yield the lowest figure for gross profit for the income statement? method will yield the lowest gross profit. Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? method will yield the lowest ending inventory
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