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Ty Ty tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each
Ty Ty tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Ty Ty's records show the following for the month of January. Sales totaled 270 units.
Date | Units | Unit Cost | Total Cost | |
---|---|---|---|---|
Beginning Inventory | January 1 | 220 | $ 85 | $ 18,700 |
Purchase | January 15 | 480 | 95 | 45,600 |
Purchase | January 24 | 200 | 115 | 23,000 |
Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
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