Question: Inventory data for Yount Company are presented in E6-6. Instructions (a) Compute the cost of the ending inventory and the cost of goods sold using

Inventory data for Yount Company are presented in E6-6.

Instructions

(a) Compute the cost of the ending inventory and the cost of goods sold using the average-cost method.

(b) Will the results in (a) be higher or lower than the results under

(1) FIFO

(2) LIFO?

(c) Why is the average unit cost not $6?


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