The units of an item available for sale during the year were as follows: There are 36
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There are 36 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods, presenting your answers in the following form:
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Jan. 1 Mar. 4 Aug. 7 Inventory Purchase Purchase Purchase 42 units at $120 58 units at $130 20 units at $136 30 units at $140 Nov. 15 Cost Inventory Method a. First-in, first-out b. Last-in, first-out C. Average cost Merchandise Inventory Merchandise Sold ข.
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Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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