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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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