Beginning inventory and purchases and sales data for T-shirts are as follows: Apr. 3 Inventory 24...
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Beginning inventory and purchases and sales data for T-shirts are as follows: Apr. 3 Inventory 24 units e $10 11 Purchase 26 units e $12 14 Sale 36 units 21 Purchase 18 units e $15 25 Sale 20 units Assuming the business maintains a periodic inventory system, determine the cost of merchandise sold and ending inventory under the following assumptions: a. FIFO b. LIFO c. Weighted average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar. Weighted Average FIFO LIFO Cost Cost of merchandise sold Ending inventory Beginning inventory and purchases and sales data for T-shirts are as follows: Apr. 3 Inventory 24 units e $10 11 Purchase 26 units e $12 14 Sale 36 units 21 Purchase 18 units e $15 25 Sale 20 units Assuming the business maintains a periodic inventory system, determine the cost of merchandise sold and ending inventory under the following assumptions: a. FIFO b. LIFO c. Weighted average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar. Weighted Average FIFO LIFO Cost Cost of merchandise sold Ending inventory
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Answer rating: 100% (QA)
FIFO method Apr 3 Beginning Inventory 24 units 10 240 240 Apr 11 Purchases 26 units 12 312 552 Apr 1... View the full answer
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