Use the data from Problem 6-1B and do Part 1, assuming Obama Company uses a periodic inventory
Question:
Use the data from Problem 6-1B and do Part 1, assuming Obama Company uses a periodic inventory costing system. Round calculations to two decimal places.
The Obama Company has two sales during the period. The units have a selling price of $165 per unit.
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Required:
1. Calculate the dollar value of cost of goods sold and ending inventory using
(a) FIFO
(b) Moving weighted average method (round the average cost per unit to two decimal places).
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Step by Step Answer:
a FIFO basis Total cost of the 1145 units for sale 123440 Less Ending inventory on a FIFO basis 345 ...View the full answer
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Related Book For 
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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