The units of an item available for sale during the year were as follows: There are 48
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There are 48 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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42 units at $720 58 units at $780 20 units at $816 Jan. Inventory Purchase Purchase Purchase Mar. 10 Aug. 30 Dec. 12 30 units at $840 Cost Inventory Method a. First-in, first-out b. Last-in, first-out c. Weighted average cost Merchandise Inventory Merchandise Sold C.
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Related Book For
Financial & Managerial Accounting
ISBN: 978-1285868776
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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