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The Manson Co. has the following information available during the fiscal year ended December 31, 2020. January 01 180 units $30/unit February 20 April 30
The Manson Co. has the following information available during the fiscal year ended December 31, 2020. January 01 180 units $30/unit February 20 April 30 Inventory, beginning balance Sold Purchased Purchased Sold 145 units 350 units 225 units 540 units $40/unit $32/unit $35/unit $50/unit October 05 October 10 Manson Co. uses a perpetual inventory system. Required: 1. Calculate in a table a dollar value of ending inventory and cost of goods sold using the following methods: a. FIFO b. Moving weighted average C. Specific identification: on February 20 sold 145 units from the beginning inventory balance, on October 10 sold 320 units from April 30 purchase, 220 units from October 06 purchase 2. Using your calculation on Part 1, complete the following schedule: FIFO Moving weighted average Specific identification Sales Cost of goods sold Gross profit Gross profit ratio
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