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Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) The cost of the ending Inventory The cost of goods sold $ FIFO LIFO Average-cost

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) The cost of the ending Inventory The cost of goods sold $ 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 the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) The cost of the ending inventory The cost of goods sold FIFO $ $ LIFO $ Average-cost
Transcribed Image Text:Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) The cost of the ending inventory The cost of goods sold FIFO $ $ LIFO $ Average-cost
Sandhill Co. uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Inventory Purchases Purchases Inventory Units 140 350 230 250 Unit Cost $5 Weighted average unit cost 7 Total Cost $700 2,100 1,610 Calculate weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
Transcribed Image Text:Sandhill Co. uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Inventory Purchases Purchases Inventory Units 140 350 230 250 Unit Cost $5 Weighted average unit cost 7 Total Cost $700 2,100 1,610 Calculate weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
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