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Question: Unifying Concepts: Inventory Cost Flow Alternatives Stans Wholesale buys canned tomatoes from canneries and sells them to retail markets. During August 2009, Stans inventory
Question: Unifying Concepts: Inventory Cost Flow Alternatives Stans Wholesale buys canned tomatoes from canneries and sells them to retail markets. During August 2009, Stans inventory records showed the following: Cases Price Aug 1 Beginning inventory . 4,100 $ 10.50 4 Purchase . 1,500 $ 11.00 9 Sale . 950 $ 19.95 13 Purchase . 1,000 $ 11.00 19 Sale . 1,450 $ 19.95 26 Purchase . 1,700 $ 11.50 30 Sale . 1,900 $ 19.95 Even though it requires more computational effort, Stans uses the perpetual inventory method because management feels that the advantage of always having current knowledge of inventory levels justifies the extra cost. Required: Calculate the cost of goods sold and ending inventory using the following cost flow alternatives. (Calculate unit costs to the nearest cent.) 1.) FIFO 2.) LIFO 3.) Average Cost Please put this problem in a excel spreadsheet with headings of # of units, cost per unit, and cost of goods available for sale and list all the purchases. SHOW ALL WORK!
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