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What are the steps to Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. ( 1 ) LIFO. (
What are the steps to
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.
LIFO.
FIFO.
AveragecostRound per unit cost to decimal places, eg and final answers to decimal places, eg
LIFO
The ending inventory
The cost of goods sold
Gross profit
FIFO
$
$
$
AVERAGECOST
$
$
$
You have the following information for Sunland Inc. for the month ended October Sunland uses a periodic inventory system for inventory.
tableDateDescription,Units,tableUnit Cost orSelling PriceOctBeginning inventory,$
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