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Required: 1 . Determine the cost of the inventory on December 3 1 by the first - in , first - out method.If the inventory
Required: Determine the cost of the inventory on December by the firstin firstout method.If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the units PURCHASED MOST RECENTLY first.Dymac AppliancesCost of the InventoryFIFO MethodDecember ModelQuantityUnit CostTotal CostA$$ABBEGJMMQQTotal$ Determine the cost of the inventory on December by the lastin firstout method.If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the OLDEST units first.Dymac AppliancesCost of the InventoryLIFO MethodDecember ModelQuantityUnit CostTotal CostA$$ABEEGGJJMMMQQTotal$ Determine the cost of the inventory on December by the weighted average cost method.Dymac AppliancesCost of the InventoryWeighted Average MethodDecember ModelQuantityUnit CostTotal CostA$$BEGJMQTotal$
Three identical units of merchandise were purchased during July, as follows:
Assume one unit sells on July for $
Determine the gross profit, cost of goods sold, and ending inventory on July using a firstin firstout, b lastin firstout, and
c average cost flow methods.
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