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The following data are for the Miller Corporation, which sells just one product: Units Unit Cost Beginning inventory January 1 200 $33 Purchases: February 11
The following data are for the Miller Corporation, which sells just one product:
Units | Unit Cost | ||
---|---|---|---|
Beginning inventory | January 1 | 200 | $33 |
Purchases: | February 11 | 500 | $36 |
May 18 | 400 | $41 | |
October 23 | 100 | $50 | |
Sales | March 1 | 400 | |
July 1 | 400 |
Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Round your final answers to the nearest dollar.
Cost of goods sold | Ending inventory | |
---|---|---|
a. FIFO | Answer | Answer |
b. LIFO | Answer | Answer |
c. Weighted average | Answer | Answer |
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