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The college campus bookstore uses a periodic inventory system. The bookstore purchases 425 copies of a textbook at $63 each in June, 995 copies in
The college campus bookstore uses a periodic inventory system. The bookstore purchases 425 copies of a textbook at $63 each in June, 995 copies in August at $65 each, and 600 copies in December at $68 each. The bookstore sold 1,865 copies of the textbook during the year. |
Required: | |
Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. | |
a. | FIFO |
Cost of Goods Sold |
Ending Inventory
b. | LIFO |
Cost of Goods Sold |
Ending inventory
c. | Weighted Average cost method. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) |
Cost of Goods Sold | |
Ending Inventory |
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