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Required information Skip to question [The following information applies to the questions displayed below.] Collier Co. uses a perpetual inventory system. It entered into the
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[The following information applies to the questions displayed below.] Collier Co. uses a perpetual inventory system. It entered into the following purchases and sales transactions for April.
Date | Activities | Units Acquired at Cost | Units Sold at Retail | ||||
---|---|---|---|---|---|---|---|
April 1 | Beginning inventory | 60 | units | @ $50.20 per unit | |||
April 4 | Purchase | 205 | units | @ $55.20 per unit | |||
April 8 | Sales | 220 | units | @ $85.20 per unit | |||
April 17 | Purchase | 65 | units | @ $60.20 per unit | |||
April 24 | Purchase | 110 | units | @ $62.20 per unit | |||
April 28 | Sales | 90 | units | @ $95.20 per unit | |||
Totals | 440 | units | 310 | units |
Required information [The following information applies to the questions displayed below.] Collier Co. uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, and (c) weighted average. Complete this question by entering your answers in the tabs below. Compute the cost assigned to ending inventory using FIFO. Compute the cost assigned to ending inventory using FIFO
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