Dene Company uses a perpetual inventory system and reports the following inventory transactions for the month of
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Instructions
(a) Calculate the cost of goods sold and ending inventory under (1) FIFO and (2) average. (Hint: Round the average cost per unit to three decimal places.)
(b) Which cost formula gives the higher ending inventory? Why?
(c) Which cost formula results in the higher cost of goods sold? Why?
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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a 1 FIFO Purchases Cost of Goods Sold Balance Date Units Cost Total Units Cost Total Units Cost Tota...View the full answer
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Related Book For 
Accounting Principles Part 1
ISBN: 978-1118306789
6th Canadian edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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