Question
XYZ Companys records contained the following data for the month ended 3/31/20: Beginning inventory 200 units @ $10/unit Purchase 1 1,300 units @ $11/unit Sales
XYZ Companys records contained the following data for the month ended 3/31/20:
Beginning inventory 200 units @ $10/unit Purchase 1 1,300 units @ $11/unit Sales 1,100 units @ $25/unit Purchase 2 1,200 units @ $12/unit Sales 1,300 units @ $25/unit Purchase 3 1,400 units @ $13/unit Sales 1,500 units @ $25/unit Purchase 4 600 units @ $13/unit
Compute ending inventory and prepare partial income statements through gross margin for XYZ Company using the FIFO, LIFO, and average inventory costing methods, first for a periodic and then for a perpetual inventory system.
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