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Problem 4 Sullivan Shoes is a wholesaler of imported men's shoes and uses the perpetual inventory system. It's records show the following in the month
Problem 4 Sullivan Shoes is a wholesaler of imported men's shoes and uses the perpetual inventory system. It's records show the following in the month of May. Units Unit Cost Total Cost May 1 Beginning Inventory $240 May 3 Purchase S180 May 5 Purchase $10 $250 On May 7, Sullivan sold 40 units for S20 each. Compute the cost of goods sold (May 7 sale) and ending inventory (after May 7 sale) under the following cost flow assumptions: Show all computations. COGS (FIFO) Ending Inventory (FIFO) COGS (LIFO) Ending Inventory (LIFO) Problem 4 (Continued) COGS (Weighted Average) Please round unit cost to nearest cent. Ending Inventory (Weighted Average)
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