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The inventory record for a particular item for 2022 appears below. Inventory, January 1, 2022 Purchases: 20,000 @$0.20 $4,000 March 2 April 30 4,000 @
The inventory record for a particular item for 2022 appears below.
Inventory, January 1, 2022 |
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Purchases: | 20,000 | @$0.20 | $4,000 |
March 2 |
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April 30 | 4,000 | @ $0.24 | $ 960 |
June 15 | 3,000 | @ 50.28 | 840 |
September 30 | 6,000 2,000 | @ $0.32 | 1,920 |
December 15 | 1,000 | @ $0.26 @ $0.20 | 520 200 |
Total purchases | 16,000 |
| $4,440 |
Total available for sale | 36,000 |
| $8,440 |
Units sold | 28,000 |
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A) The cost of goods sold for 2022 under FIFO is:
B) The cost of goods sold for 2022 under LIFO is:
C) The cost of goods sold for 2022 under weighted-average cost-flow assumption is (rounded to the nearest dollar):
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