Consider the following information for Jenny's Company, which uses a periodic (annual) inventory system: Transaction Units...
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Consider the following information for Jenny's Company, which uses a periodic (annual) inventory system: Transaction Units Unit Total Cost Cost January 1 Beginning 55 $10 $550 Inventory March 15 Purchase 40 6 240 August 28 Purchase 15 10 10 150 October 31 Purchase 20 4 80 Goods 130 $1,020 Available for Sale The company sold 48 units on December 31. REQUIRED: Calculate the company's Cost of Goods Sold and End Inventory, using FIFO, LIFO, and Weighted Average Cost. CLEARLY identify the Cost of Goods Sold or End Consider the following information for Jenny's Company, which uses a periodic (annual) inventory system: Transaction Units Unit Total Cost Cost January 1 Beginning 55 $10 $550 Inventory March 15 Purchase 40 6 240 August 28 Purchase 15 10 10 150 October 31 Purchase 20 4 80 Goods 130 $1,020 Available for Sale The company sold 48 units on December 31. REQUIRED: Calculate the company's Cost of Goods Sold and End Inventory, using FIFO, LIFO, and Weighted Average Cost. CLEARLY identify the Cost of Goods Sold or End
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