The following data are for the Porter Corporation, which sells just one product: Calculate the value of
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The following data are for the Porter Corporation, which sells just one product:
Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and
(a) first-in, first-out,
(b) last-in, first-out, and
(c) weighted-average cost method.
Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. If the net realizable value of the inventory at year-end is \(\$ 15\), how will the cost of goods sold under each method be affected?
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