• Required:
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• Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Round average cost per unit to 2 decimal places)

Transcribed Image Text:

Suppose that Amazon uses a periodic inventory system and reports the following for the month of June Date Explanation Units Inventory 360 Purchase 23 Purchase 30 Inventory June 1 12 840 1,200 448 Unit Cost $8 10 Total Cost $2.880 7,560 12.000 Suppose that Amazon uses a periodic inventory system and reports the following for the month of June Date Explanation Units Inventory 360 Purchase 23 Purchase 30 Inventory June 1 12 840 1,200 448 Unit Cost $8 10 Total Cost $2.880 7,560 12.000

Answer rating: 100% (QA)

To compute the cost of ending inventory and the cost of goods sold under FIFO LIFO and averagecost m... View the full answer