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Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each
Scrappers Supplies tracks the number of units purchased and sold
throughout each accounting period but applies its inventory costing
method at the end of each period, as if it uses a periodic
inventory system. Assume its accounting records provided the
following information at the end of the annual accounting period,
December Transactions Units Unit Cost Beginning inventory,
January $ Transactions during the year: a Purchase on
account, March b Cash sale, April $ each c
Purchase on account, June d Cash sale, August $
eachCompute the cost of goods available for sale, cost of ending
inventory, and cost of goods sold at December under each of the
following inventory costing methods: Last inFirst Out, weighted
average cost, first infirst our, specific identification
Scrappers Supplies tracks the number of units purchased and sold throughout each accounting perlod but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following Information at the end of the annual accounting perlod, December
Transactions
Beginning inventory, January
Transactions during the year:
a Purchase on account, March
b Cash sale, April $ each
c Purchase on account, June
d Cash sale, August $ each
tableUnitsUnit Cost$
Required
ABC D
AB
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