Question: Beginning inventory, purchases, and sales data for Commodity A are as follows: June 1: Inventory 15 units at Birr 20.00 3:

Beginning inventory, purchases, and sales data for “Commodity A” are as follows:

June 1: Inventory 15 units at Birr 20.00

3: Sold 5 units

12: Purchased 20 units at 22.50

18: Sold15 units

30: Purchased10 units at 25.00

Required: If a periodic inventory system and perpetual inventory are used, determine separately the cost of ending inventory and Cost of goods sold using:

FIFO

LIFO

AC (weighted average costing method)

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FIFO FirstInFirstOut Under the FIFO method we assume that the first items purchased are the first ones sold Calculation of the cost of ending inventor... View full answer

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