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Compute the cost of goods sold using (a) FIFO, (b) LIFO, and (c) average-cost. (Round average cost per unit to 3 decin FIFO LIFO LA $ $ LA Average-cost $ GA Cost of Goods Sold

Compute the cost of goods sold using (a) FIFO, (b) LIFO, and (c) average-cost. (Round average cost per unit to 3 decin FIFO LIFO LA $ $ LA Average-cost $ GA Cost of Goods Sold

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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Cheyenne Corp. uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 FIFO Number of Units LIFO 64 37 On June 1, Cheyenne sold 32 units, and on August 27, 37 more units. Compute the cost of goods sold using (a) FIFO, (b) LIFO, and (c) average-cost. (Round average cost per unit to 3 decim LA LA $ LA Unit Price Average-cost $ $9 16 Cost of Goods Sold
Transcribed Image Text:Cheyenne Corp. uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 FIFO Number of Units LIFO 64 37 On June 1, Cheyenne sold 32 units, and on August 27, 37 more units. Compute the cost of goods sold using (a) FIFO, (b) LIFO, and (c) average-cost. (Round average cost per unit to 3 decim LA LA $ LA Unit Price Average-cost $ $9 16 Cost of Goods Sold
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