Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6

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Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6 per unit. Purchase 1 was 200 units at $7 per unit. Purchase 2 was 100 units at $8 per unit.

Required:
Calculate cost of goods sold and ending inventory under the following cost flow assumptions (using a periodic inventory system):

a. FIFO
b. LIFO

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Accounting What The Numbers Mean

ISBN: 9781264126743

13th Edition

Authors: David Marshall

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Question Posted: Oct 18, 2022 03:15 AM

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Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6

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Calculation ending inventory in units Beginning inventory Pur...View the full answer

Accounting What The Numbers Mean

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