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The Candle Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO,
The Candle Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted-average methods. Candle sells only one product, called SM57. LOADING...(Click the icon for additional information.) Question content area bottom Part 1 Complete each table to calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted-average methods. (Round the weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) (a) FIFO (b) LIFO (c) Weighted-Average Cost of goods available for sale Less: Ending inventory Cost of goods sold Time Remaining: 00:37:10 pop-up content starts Data table Units Cost per Unit January 1 Beginning inventory 50 $12 March 18 Purchased 15 13 August 19 Purchased 40 15 November 8 Purchased 45 16 Ending inventory is 60 units. pop-up content ends
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