Question: Question 5 Jackpot Limited uses a perpetual inventory system. Inventory data for the year ended December 31, 2020, are as follows: Beginning inventory 40 units

Question 5 Jackpot Limited uses a perpetual inventory system. Inventory data

Question 5 Jackpot Limited uses a perpetual inventory system. Inventory data for the year ended December 31, 2020, are as follows: Beginning inventory 40 units at $65 each February 28 purchase 60 units at $70 each 1st quarter sales 35 units July 31 purchase 20 units at $60 each 2nd quarter sales 75 units October 31 purchase 15 units at $62 each Required Determine the amounts to report for Cost of Goods Sold and Ending inventory using FIFO and the weighted average cost method

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