Question
The following data is available for one of the products sold by Chancet Company, which uses a perpetual inventory system: April 1) On hand, 10
The following data is available for one of the products sold by Chancet Company, which uses a perpetual inventory system:
April 1) On hand, 10 units at $8 each $80
5) Purchased 30 units at $7.80 each 234
18) Purchased 40 units at $8.25 each 330
20) Sold 75 units for $13 each
24) Purchased 20 units for $8.25 each 165
Chancet Company's ending inventory for April was 25 units. Complete the table by determining the amounts of April 30th inventory, cost of goods sold, and gross margin under each of the inventory costing methods listed below. If required, round amounts to two decimal places.
A. FIFO
B. LIFO
C. Moving Average Cost
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