The records of GHI Corp. reflected the following for the month of February: (15 points) Transaction...
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The records of GHI Corp. reflected the following for the month of February: (15 points) Transaction Beginning inventory Number of Units Unit Cost 600 $3 Purchase No.1 $4 Sale No. 11 Purchase No. 2 Sale No. 2 700 Purchase No. 3 800 Ending inventory? A. B. Date Method Inventory LIFO $ FIFO $ 2/1 2/2 2/5 2/12 2/15 2/23 2/28 600 Cost of Goods Sold 700 600 Required: Determine the amount of ending inventory and cost of goods sold using the following periodic system inventory costing methods: $5 $7 The records of GHI Corp. reflected the following for the month of February: (15 points) Transaction Beginning inventory Number of Units Unit Cost 600 $3 Purchase No.1 $4 Sale No. 11 Purchase No. 2 Sale No. 2 700 Purchase No. 3 800 Ending inventory? A. B. Date Method Inventory LIFO $ FIFO $ 2/1 2/2 2/5 2/12 2/15 2/23 2/28 600 Cost of Goods Sold 700 600 Required: Determine the amount of ending inventory and cost of goods sold using the following periodic system inventory costing methods: $5 $7
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