Dene Company uses a periodic inventory system and its accounting records include the following inventory information for
Question:
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A physical inventory count determined that 620 units were on hand at July 31.
Instructions
(a) Calculate the ending inventory and the cost of goods sold under
(1) FIFO and
(2) Weighted average.
(b) For item 2 of part (a), explain why the weighted average unit cost is not $6.25.
(c) How do the results for part (a) differ from E6 - 6, where the same information for Dene Company was used in a perpetual inventory system?
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The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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a Cost of Goods Available for Sale Date Units Unit Cost Total Cost July 1 150 500 75000 12 230 675 1...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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