Use the inventory data in the following figure to calculate the cost of goods sold, and...
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Use the inventory data in the following figure to calculate the cost of goods sold, and ending inventory under the FIFO, LIFO, and weighted average cost methods. And elaborate on the reasons for variations in ending inventory and cost of goods sold under the three inventory valuation methods. Inventory Data January 1 January 7 January 19 Cost of goods available Units sold during January Beginning inventory Purchase Purchase 10 units 7 units 2 units @ $2 per unit = $4 3 units @ $3 per unit - $9 5 units @ $5 per unit = $25 $38 Use the inventory data in the following figure to calculate the cost of goods sold, and ending inventory under the FIFO, LIFO, and weighted average cost methods. And elaborate on the reasons for variations in ending inventory and cost of goods sold under the three inventory valuation methods. Inventory Data January 1 January 7 January 19 Cost of goods available Units sold during January Beginning inventory Purchase Purchase 10 units 7 units 2 units @ $2 per unit = $4 3 units @ $3 per unit - $9 5 units @ $5 per unit = $25 $38
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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