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3. During March, the following sales and purchases of inventories were made by Noor Company: March 1 inventory March 15 purchase March 29 purchase March 30 sale Number of Units 100 260 160 335 Average cost Cost per Unit $13.20 15.00 16.00 Total Cost $1,320 3,900 2,560 Required Determine the ending inventory and cost of goods sold for Noor Company under the following cost flow assumptions: a. FIFO b. LIFO C.

3. During March, the following sales and purchases of inventories were made by Noor Company: March 1 inventory March 15 purchase March 29 purchase March 30 sale Number of Units 100 260 160 335 Average cost Cost per Unit $13.20 15.00 16.00 Total Cost $1,320 3,900 2,560 Required Determine the ending inventory and cost of goods sold for Noor Company under the following cost flow assumptions: a. FIFO b. LIFO C.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. During March, the following sales and purchases of inventories were made by Noor Company: March 1 inventory March 15 purchase March 29 purchase March 30 sale Number of Units 100 260 160 335 assumptions: a. FIFO b. LIFO c. Average cost Cost per Unit $13.20 15.00 16.00 Total Cost $1,320 3,900 2,560 Required Determine the ending inventory and cost of goods sold for Noor Company under the following cost flow
Transcribed Image Text:3. During March, the following sales and purchases of inventories were made by Noor Company: March 1 inventory March 15 purchase March 29 purchase March 30 sale Number of Units 100 260 160 335 assumptions: a. FIFO b. LIFO c. Average cost Cost per Unit $13.20 15.00 16.00 Total Cost $1,320 3,900 2,560 Required Determine the ending inventory and cost of goods sold for Noor Company under the following cost flow
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