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Using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods, calculate gross profit and ending inventory. The company uses a specific identification inventory

Using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods, calculate gross profit and ending inventory. The company uses a specific identification inventory cost flow method. On October 21, the company sold 5 units for $90 each.

Date

Units

Cost/Unit

Total Cost

Oct. 2

Purchase

2

$21

$ 42

7

Purchase

2

$22

44

12

Purchase

1

$28

28

18

Purchase

4

$30

120

Total

9

$234

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