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The following information relating to the product Q was taken from the inventory records of Somerset Corporation, for the period ending January 3 1 st
The following information relating to the product was taken from the inventory records
of Somerset Corporation, for the period ending January st Year :
Required: Compute the Cost of Goods Sold AND Cost of the Ending Inventory on
January st under each of the following inventory methods.
a A perpetual inventory system and FIFO cost formula marks
b A periodic inventory system and Moving Weighted Average cost formula. Round dollar
amounts to three decimal places marks
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