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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 Mar. 29 Purchased Sales Calculate the cost of ending inventory using (a) FIFO; (b) LIFO; (c) Weighted Average 200 units @ $62 160 units @ $95

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 Mar. 29 Purchased Sales Calculate the cost of ending inventory using (a) FIFO; (b) LIFO; (c) Weighted Average 200 units @ $62 160 units @ $95

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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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 Mar. 29 Purchased Sales Calculate the cost of ending inventory using (a) FIFO; (b) LIFO; (c) Weighted Average 200 units @ $62 160 units @ $95
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 Mar. 29 Purchased Sales Calculate the cost of ending inventory using (a) FIFO; (b) LIFO; (c) Weighted Average 200 units @ $62 160 units @ $95
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