Question: Unit Cost Part 2: FIFO, UFO and Weighted Average Inventory Costing Methods At the end of the annual accounting period, December 31, the accounting records

Unit Cost Part 2: FIFO, UFO and Weighted Average Inventory Costing Methods At the end of the annual accounting period, December 31, the accounting records for Rick Clothing Company's most popular item in inventory showed the following: Transactions Units Beginning inventory, January 1 300 $35.00 Transactions during the current period: a. Purchase, March 10 $28.00 b. Purchase, July 29 $25.00 C. Sales ($50 each) (920) 1. Using a FIFO inventory system, calculate the following: a. Cost of goods sold for the year ended December 31 550 330 1 b. Ending inventory on December 31 2. Using a LIFO inventory system, calculate the following: a. Cost of goods sold for the year ended December 31 b. Ending Inventory on December 31 3. Using a weighted average inventory system, calculate the following: a. Cost of goods sold for the year ended December 31 b. Ending inventory on December 31

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