Given the following information, calculate cost of goods available for sale and ending inventory, then sales, cost

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Given the following information, calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under (a) FIFO, (b) LIFO, and (c) weighted aver-age. Assume a periodic inventory system is used.

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Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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Question Posted: Nov 02, 2015 05:44 AM

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Given the following information, calculate cost of goods available for sale and ending inventory, then sales, cost

Question:

Units 50 250 (100) 200 Unit Cost $10 13 Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory $15

Step by Step Answer:

FIFO Beginning Inventory 50 units x 10 500 Purchases 250 units x 13 3250 Goods Availabl...View the full answer

Fundamentals of Financial Accounting

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