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The following information is available for ACT230 Company: Beginning inventory First purchase 600 units at $4 900 units at $6 500 units at $7

 

The following information is available for ACT230 Company: Beginning inventory First purchase 600 units at $4 900 units at $6 500 units at $7 Second purchase Assume that ACT 230 uses a periodic inventory system and that there are 700 units left at the end of the month. Total sales revenue is $15,000 for the month. Instructions Compute the cost of ending inventory, cost of goods sold, and gross profit under the (a) FIFO method. (b) LIFO method. (c) Average-cost method.

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a FIFO Method Under the FIFO method the cost of ending inventory is based on the cost of the most recent purchases while the cost of goods sold is bas... blur-text-image

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