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Ron Company's inventory records for its retail division show the following at May 31. (Click the icon to view the accounting records.) At May 31,
Ron Company's inventory records for its retail division show the following at May 31. (Click the icon to view the accounting records.) At May 31, 8 of these units are on hand. Read the requirements. Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a) specific identification, then (b) average cost, then (c) FIFO, and finally (d) LIFO. (Round the averag cent. Round all final answers to the nearest whole dollar.) Cost of goods sold Ending inventory Number of units 506 3395 Data table May 1 May 15 May 26 Beginning inventory 6 units @ $165 = $990 Purchase 5 units @ $166 = $830 Purchase 9 units @ $175 = $1,575 Print Done ME X D
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