Question: Question 1 [ 1 6 points ] Southgate Inc. made purchases of a particular product in the current year as follows : Ending inventory consists
Question points
Southgate Inc. made purchases of a particular product in the current year as follows :
Ending inventory consists of units, specifically identified as follows :
units from beginning inventory
units from the February purchase
units from the July purchase
Assuming a periodic system, determine the costs to be assigned to cost of goods sold and ending inventory using the following systems :
a FIFO
b LIFO
c Weighted Average
d Specific Identification.
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