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Use the following information to answer questions 26 through 29. AAA Co. uses a periodic inventory system and has the following information in regard to
Use the following information to answer questions 26 through 29. AAA Co. uses a periodic inventory system and has the following information in regard to its inventory: Beginning inventory Purchase on January 25 Purchase on March 15 Purchase on October 2 250 units @20 350 units @21 550 units@22= $5,000 7,350 12,100 450 units @23 = 10.350 1.600 units Goods available for sale $34.800 AAA Co. sold 900 units. 26. What is the cost of ending inventory using the weighted average method? A. $19,350 B. $19,575 C. $15,050 D. $15,225 27. What is the cost of ending inventory using the LIFO method? A. $15,850 B. $18,950 C. $20,250 D. $14,550 What is the amount of the cost of goods sold using the FIFO method? A. $14,550 B. $20,250 C. $18,950 D. $15,850 28. 29. Assuming that the 900 units AAA Co. sold were sold at a selling price of $36 each, what is the gross profit percentage using the LIFO method? . 37.5% . 62.5% . 58.5% D. 41.5%
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