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The Book company sells textbooks. During November 2019, its inventory records for the category Accounting Books were as follows: Books Cost per Book Beginning Inventory
The Book company sells textbooks. During November 2019, its inventory records for the category "Accounting Books" were as follows:
Books | Cost per Book | ||
Beginning Inventory | 600 | $9 | $5,400 |
November 4 Purchase | 230 | $10 | $2,300 |
November 5 Sale | 560 | N/A | |
November 8 Purchase | 890 | $11 | $9,790 |
November 16 Purchase | 800 | $9 | $7,200 |
November 18 Purchase | 332 | $10 | $3,320 |
November 24 Sale | 135 | N/A | |
November 28 Purchase | 460 | $12 | $5,520 |
1. Using the information above, COGS using the perpetual average cost method is:
a. $5,234.65
b. $6,988.85
c. $6,538.99
d. $5,985.63
2. Using the information above, periodic LIFO ending inventory is:
a. $26,980
b. $28,770
c. $25,660
d. $23,654
3. Using the information above, COGS using the periodic average cost method is:
a. $8,965
b. $7,036
c. $6,910
d. $11,252
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