Question
The following information is taken from a perpetual inventory record. Perpetual Inventory Control Record Description: M & B Supreme Purchase Received Balance forward Date
The following information is taken from a perpetual inventory record. Perpetual Inventory Control Record Description: M & B Supreme Purchase Received Balance forward Date June 1 4 6 9 12 15 18 20 22 25 28 8 6 6 Issued Sales Units 3 a. First-in, first-out method b. Last-in, first-out method c. Weighted average method 2 32 2 3 23 9 6 4 10 8 5 11 9 6 Unit Cost $10.00 $10.50 $11.00 $ 9.50 For each of the following inventory valuation methods, calculate the value of ending inventory and the cost of sales as of June 30.
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Income Tax Fundamentals 2013
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