Question
Santos Incorporated currently sells its product for $22 per unit. Cost information related to the beginning inventory level and current period purchases were as
Santos Incorporated currently sells its product for $22 per unit. Cost information related to the beginning inventory level and current period purchases were as follows: Units Unit Cost Beginning Inventory 6,000 $12 Purchase #1 3,000 $13 Purchase #2 4,000 $14 At the end of the period, the company has 3,000 units in ending inventory. Compute the cost of goods sold, ending inventory, and gross profit using 1) FIFO; 2) LIFO; and 3) weighted average.
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Managerial Accounting
Authors: John J. Wild, Ken W. Shaw
2010 Edition
9789813155497, 73379581, 9813155493, 978-0073379586
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