ABC, Inc. uses the periodic inventory system, and had the following purchases and sales of inventory for the month of March: Mar. 1 Beginning Inventory 100 units @ $50 Mar. 5 Purchased 400 units @ $55 Mar. 9 Sales 420 units @ $85 Mar. 18 Purchased 120 units @ $60 Mar. 25 Purchased 200 units @ $62 Mar. 29 Sales 160 units @ $95 Calculate the cost of ending inventory using (a) FIFO; (b) LIFO; (c) Weighted Average Q Search hp D O NEW W

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
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Chapter10: Inventory
Section: Chapter Questions
Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...
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ABC, Inc. uses the periodic inventory system, and had the following purchases and sales of inventory for
the month of March:
Mar. 1
Beginning Inventory
100 units @ $50
Mar. 5
Purchased
400 units @ $55
Mar. 9
Sales
420 units @ $85
Mar. 18
Purchased
120 units @ $60
Mar. 25
Purchased
200 units @ $62
Mar. 29
Sales
160 units @ $95
Calculate the cost of ending inventory using (a) FIFO; (b) LIFO; (c) Weighted Average
Q Search
hp
D
O
NEW
W
Transcribed Image Text:ABC, Inc. uses the periodic inventory system, and had the following purchases and sales of inventory for the month of March: Mar. 1 Beginning Inventory 100 units @ $50 Mar. 5 Purchased 400 units @ $55 Mar. 9 Sales 420 units @ $85 Mar. 18 Purchased 120 units @ $60 Mar. 25 Purchased 200 units @ $62 Mar. 29 Sales 160 units @ $95 Calculate the cost of ending inventory using (a) FIFO; (b) LIFO; (c) Weighted Average Q Search hp D O NEW W
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