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Compute the cost of goods sold using FIFO, LIFO, and moving-average methods. (Round answers to 0 decimal places, e.g. 125.) Cost of goods sold $ eTextbook and Media FIFO $ LIFO AVERAGE-COST

Compute the cost of goods sold using FIFO, LIFO, and moving-average methods. (Round answers to 0 decimal places, e.g. 125.) Cost of goods sold $ eTextbook and Media FIFO $ LIFO AVERAGE-COST

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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Compute the cost of goods sold using FIFO, LIFO, and moving-average methods. (Round answers to 0 decimal places, e.g. 125.) Cost of goods sold $ eTextbook and Media FIFO LIFO AVERAGE-COST
Transcribed Image Text:Compute the cost of goods sold using FIFO, LIFO, and moving-average methods. (Round answers to 0 decimal places, e.g. 125.) Cost of goods sold $ eTextbook and Media FIFO LIFO AVERAGE-COST
Sunland Department Store uses a perpetual inventory system. Data for product E2-D2 includes the following purchases. Date May 7 July 28 Number of Units (a1) 48 36 On June 1, Sunland sold 24 units, and on August 27, 36 more units. Your answer is correct. June 1 sale Aug. 27 sale Calculate the weighted-average unit cost for each sale. (Round answers to 3 decimal places, e.g. 5.125.) Unit Price $14 $ 19 eTextbook and Media: 14.000 17,000 !
Transcribed Image Text:Sunland Department Store uses a perpetual inventory system. Data for product E2-D2 includes the following purchases. Date May 7 July 28 Number of Units (a1) 48 36 On June 1, Sunland sold 24 units, and on August 27, 36 more units. Your answer is correct. June 1 sale Aug. 27 sale Calculate the weighted-average unit cost for each sale. (Round answers to 3 decimal places, e.g. 5.125.) Unit Price $14 $ 19 eTextbook and Media: 14.000 17,000 !
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