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The Griggs Company had the following transactions concerning one of their products this year: January 1 Beginning Inventory Balance 1000 units @ $12 Purchases: February
The Griggs Company had the following transactions concerning one of their products this year: January 1" Beginning Inventory Balance 1000 units @ $12 Purchases: February 4th 2000 units @ $18 April 2nd 3000 units @ $22 Sales: February 20h 2500 units November 4th 2000 units Instructions: (1) Compute the cost of Goods Available for Sale (2) Compute the Cost of Goods Sold (COGS) and Ending Inventory using the following methods: Specific Identification (Assume El - 500 from each purchase) Average Cost (Weighted Average) Average Cost (Moving Average) FIFO (Periodic & Perpetual) LIFO (Periodic & Perpetual) (3) Use the following table to record your answers Specific Identification Average Cost (Wtd. Average) Average Cost (Moving Average) COGS Ending Inventory FIFO (Periodic) FIFO (Perpetual) LIFO (Periodic) LIFO (Perpetual) COGS Ending Inventory
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