The records of ABC Company showed the following: Units Unit cost Total cost January 1 Beginning 10,000
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Question:
The records of ABC Company showed the following:
Units Unit cost Total cost
January 1 Beginning 10,000 60 600,000
April 1 Purchase 18,000 50 900,000
October 1 Purchase 22,000 40 880,000
The physical inventory reveals 15,000 units on hand on December 31. Compute the cost of ending inventory and cost of sales using:
1. First in, first out (FIFO) ]
2. Weighted average
3. Last in, first out (LIFO)
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