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Seminole Company began year 2013 with 27,000 units of product in its January 1 inventory costing $16.40 each. It made successive purchases of its product
Seminole Company began year 2013 with 27,000 units of product in its January 1 inventory costing $16.40 each. It made successive purchases of its product in year 2013 as follows. The company uses a periodic inventory system. On December 31, 2013, a physical count reveals that 49,000 units of its product remain in inventory. |
Compute the amounts assigned to the 2013 ending inventory and the cost of goods sold. (Do not round your intermediate calculations.) |
(a) | FIFO periodic |
(b) | LIFO periodic |
(c) | Weighted average periodic |
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