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, Weis Company sold 75 units @ $350 each on November 30, Year 2. The following information is also available: Beginning inventory 30 units @
, Weis Company sold 75 units @ $350 each on November 30, Year 2. The following information is also available:
Beginning inventory | 30 units @ $175 |
February 2 purchase | 25 units @ $180 |
June 15 purchase | 40 units @ $200 |
October 1 purchase | 30 units @ $220 |
Required: a) Determine the amount of cost of goods sold and ending inventory value under each method. Be sure to show your calculations.
1) FIFO
2) LIFO
3) Weighted Average
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