Question

Refer to Exercise and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using
In Exercise, Liberty Company reported the following January purchases and sales data for its only product.
Liberty uses a perpetual inventory system. Ending inventory consists of 225 units, 100 from the January 30 purchase, 80 from the January 20 purchase, and 45 from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using
(a) Specific identification,
(b) Weighted average,
(c) FIFO,
(d) LIFO.
(Round per unit costs to three decimals, but inventory balances to the dollar.)


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  • CreatedMarch 18, 2015
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