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The Gordie Howe Corporation's record of transactions concerning part A for the month of December was as follows: Purchases December 1 balance on hand
The Gordie Howe Corporation's record of transactions concerning part A for the month of December was as follows: Purchases December 1 balance on hand Sales Units Unit cost 100 5.00 4-Dec 400 5.10 11-Dec 300 5.30 18-Dec 200 5.35 26-Dec 600 5.60 30-Dec 200 5.80 Units 5-Dec 300 12-Dec 200 27-Dec 800 28-Dec 150 A. Compute the Inventory at December 31 on each of the following bases. Assume that perpetual inventory records are kept in units only. Carry unit costs to the nearest cent. 1. First in first out FIFO 2. Last in first out LIFO 3. Average-Cost B. If the perpetual Inventory is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory in 1., 2., 3. from Part A?
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