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Question 5: Eve Corporation have the following inventory information: Units Unit Cost Nov. 1 Beginning inventory 100 $22 Nov. 5 Purchase 75 $23 Nov. 18

Question 5:

Eve Corporation have the following inventory information:

Units Unit Cost

Nov. 1 Beginning inventory 100 $22

Nov. 5 Purchase 75 $23

Nov. 18 Purchase 120 $25

Nov. 29 Purchase 45 $30

A physical count of inventory on November 30th revealed that 200 units were sold during the month.

Required:

  1. Calculate the cost of goods sold and the ending balance inventory using: LIFO, FIFO, and average cost.
  2. Explain why ending inventory and cost of goods sold differ under the three methods of inventory valuations.

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