Best Yet Electronic Center began December with 80 units of merchandise inventory that cost $80 each. During December, the store made the following purchases. (Click the icon to view the purchases.) Best Yet uses the periodic inventory system, and the physical count at December 31 indicates that 85 units of merchandise inventory are on hand. Read the requirements Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. Ending inventory Cost of goods sold FIFO Data table Dec. 3 Dec. 12 Dec. 18 Print 20 units @ $82 each 30 units @ $87 each 45 units @ $90 each Done . X -

Best Yet Electronic Center began December with 80 units of merchandise inventory that cost $80 each. During December, the store made the following purchases. (Click the icon to view the purchases.) Best Yet uses the periodic inventory system, and the physical count at December 31 indicates that 85 units of merchandise inventory are on hand. Read the requirements Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. Ending inventory Cost of goods sold FIFO Data table Dec. 3 Dec. 12 Dec. 18 Print 20 units @ $82 each 30 units @ $87 each 45 units @ $90 each Done . X -

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Description: Best Yet Electronic Center began December with 80 units of merchandise inventory that cost $80 each. DuringDecember, the store made the following purchases:(Click the icon to view the purchases.)Best Yet uses the periodic inventory system, and the p

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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