Question: Please explain the FIFO COGS 9,050 Jepson Electronic Center began October with 100 units of merchandise inventory that cost $70 each. During October, the store

Please explain the FIFO COGS 9,050

Please explain the FIFO COGS 9,050 Jepson Electronic Center began October with

Jepson Electronic Center began October with 100 units of merchandise inventory that cost $70 each. During October, the store made the following purchases: B Click the icon to view the purchases.) Jepson uses the periodic inventory system, and the physical count at October 31 indicates that 130 units of merchandise inventory are on hand. Read the requirements. - Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financial statements using the FIFO, LIFO, and weighted average inventory costing methods. FIFO LIFO Data table Ending inventory 11,350 Cost of goods sold 9,050 Oct. 3 35 units @ $82 each Oct. 12 45 units @ $84 each Oct. 18 75 units @ $90 each

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