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Calculate gross profit using (1) FIFO and (2) weighted average. (Round answers to 0 decimal places, e.g. 5,275.) Gross profit FIFO Weighted Average

Calculate gross profit using (1) FIFO and (2) weighted average. (Round answers to 0 decimal places, e.g. 5,275.) Gross profit FIFO Weighted Average

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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Goo 5 Micr The Oriole Store had a beginning inventory on January 1 of 280 full-size strollers at a cost of $200 per unit. During the year, the following purchases were made: Mar, 15 July 20 Sept. 4 Dec. 2 Units 79 58 25 12 Unit Cost $201 200 198 193 At the end of the year, there were 37 units on hand. The Oriole Store uses a periodic inventory system.
Transcribed Image Text:Goo 5 Micr The Oriole Store had a beginning inventory on January 1 of 280 full-size strollers at a cost of $200 per unit. During the year, the following purchases were made: Mar, 15 July 20 Sept. 4 Dec. 2 Units 79 58 25 12 Unit Cost $201 200 198 193 At the end of the year, there were 37 units on hand. The Oriole Store uses a periodic inventory system.
Calculate gross profit using (1) FIFO and (2) weighted average. (Round answers to O decimal places, e.g. 5,275.) Gross profit FIFO Weighted Average
Transcribed Image Text:Calculate gross profit using (1) FIFO and (2) weighted average. (Round answers to O decimal places, e.g. 5,275.) Gross profit FIFO Weighted Average
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