Imports provided the following information regarding its inventory for the current year, its second year of operations. Sales in Transaction Units Units Unit Cost Total Cost Beginning inventory January 1 36,000 $3.40 $122,400 Purchases February 8 51,000 4.10 209,100 March 15 101,000 4.80 484,800 April 10 67,000 4.90 328,300 Subtotal 255,000 $1,144,600 Units sold April 22 at $7 153,000 May 9 85,000 5.10 433,500 June 19 25,000 5.20 130,000 Subtotal 365,000 $1,708,100 Units sold August 11 at $10 115,000 September 20 13,000 5.30 68,900 October 30 42,000 5.40 226,800 November 17 4,000 5.60 22,400 Subtotal 424,000 $2,026,200 Units sold December 21 at $12 24,000 Total available for sale 424,000 Total units sold (292,000) Ending inventory 132,000 Compute Urban's ending inventory and cost of goods sold under each of the following cost-flow assumptions assuming a perpetual inventory system. (Round your answer for cost per unit to two decimal places.) a. Moving Average b. FIFO c. LIFO Requirement a. Compute Urban's ending inventory and cost of goods sold under the moving-average cost-flow assumption assuming a perpetual inventory system. Begin by entering Urban's purchase and sale transactions in chronological order one line at a time, calculating a new moving-average cost per unit after every transaction. (Use a minus sign or parentheses for units sold or for a reduction in cost. Round your answer for cost per unit to two decimal places.) Moving-average: Units Average Purchased Unit Cumulative Total Cumulative Cost Transaction (Sold) Cost Units Cost Cost Per Unit Beginning inventory Part 2 Purchase - February 8 Part 3 Purchase - March 15 Part 4 Purchase - April 10 Part 5 Sale - April 22 Part 6 Purchase - May 9 Part 7 Purchase - June 19 Part 8 Sale - August 11 Part 9 Purchase - September 20 Part 10 Purchase - October 30 Part 11 Purchase - November 17 Part 12 Sale - December 21 Part 13 Under the average-cost method, Urban's total cost of ending inventory is and the cost of goods sold for the year is . Part 14 Requirement b. Compute Urban's ending inventory and cost of goods sold under the FIFO cost-flow assumption assuming a perpetual inventory system. (When entering the layers for the units sold, enter the first layer sold under FIFO on the first available line, then the next layer sold under FIFO on the next line, and so on. CGS = Cost of Goods Sold.) FIFO: CGS Units Unit Total Units per Inventory Transaction Purchased Cost Cost Sold Unit CGS Balance Beginning inventory Part 15 Purchase - February 8 Part 16 Purchase - March 15 Part 17 Purchase - April 10 Part 18 Sale - April 22 Part 19 Purchase - May 9 Part 20 Purchase - June 19 Part 21 Sale - August 11 Part 22 Purchase - September 20 Part 23 Purchase - October 30 Part 24 Purchase - November 17 Part 25 Sale - December 21 Part 26 Under the FIFO method, Urban's total cost of ending inventory is and the cost of goods sold for the year is . Part 27 Requirement c. Compute Urban's ending inventory and cost of goods sold using the LIFO cost-flow assumption assuming a perpetual inventory system. Begin by preparing Urban Stores' perpetual inventory record under the last-in, last-out (LIFO) method for the year. (When entering the layers for the units sold, enter the first layer sold under LIFO on the first available line, then the next layer sold under LIFO on the next line, and so on. CGS = Cost of Goods Sold.) LIFO: CGS Units Unit Total Units per Inventory Transaction Purchased Cost Cost Sold Unit CGS Balance Beginning inventory Part 28 Purchase - February 8 Part 29 Purchase - March 15 Part 30 Purchase - April 10 Part 31 Sale - April 22 Part 32 Purchase - May 9 Part 33 Purchase - June 19 Part 34 Sale - August 11 Part 35 Purchase - September 20 Part 36 Purchase - October 30 Part 37 Purchase - November 17 Part 38 Sale - December 21 Part 39 Under the LIFO method, Urban's total cost of ending inventory is and the cost of goods sold for the year is .
Imports provided the following information regarding its inventory for the current year, its second year of operations. Sales in Transaction Units Units Unit Cost Total Cost Beginning inventory January 1 36,000 $3.40 $122,400 Purchases February 8 51,000 4.10 209,100 March 15 101,000 4.80 484,800 April 10 67,000 4.90 328,300 Subtotal 255,000 $1,144,600 Units sold April 22 at $7 153,000 May 9 85,000 5.10 433,500 June 19 25,000 5.20 130,000 Subtotal 365,000 $1,708,100 Units sold August 11 at $10 115,000 September 20 13,000 5.30 68,900 October 30 42,000 5.40 226,800 November 17 4,000 5.60 22,400 Subtotal 424,000 $2,026,200 Units sold December 21 at $12 24,000 Total available for sale 424,000 Total units sold (292,000) Ending inventory 132,000 Compute Urban's ending inventory and cost of goods sold under each of the following cost-flow assumptions assuming a perpetual inventory system. (Round your answer for cost per unit to two decimal places.) a. Moving Average b. FIFO c. LIFO Requirement a. Compute Urban's ending inventory and cost of goods sold under the moving-average cost-flow assumption assuming a perpetual inventory system. Begin by entering Urban's purchase and sale transactions in chronological order one line at a time, calculating a new moving-average cost per unit after every transaction. (Use a minus sign or parentheses for units sold or for a reduction in cost. Round your answer for cost per unit to two decimal places.) Moving-average: Units Average Purchased Unit Cumulative Total Cumulative Cost Transaction (Sold) Cost Units Cost Cost Per Unit Beginning inventory Part 2 Purchase - February 8 Part 3 Purchase - March 15 Part 4 Purchase - April 10 Part 5 Sale - April 22 Part 6 Purchase - May 9 Part 7 Purchase - June 19 Part 8 Sale - August 11 Part 9 Purchase - September 20 Part 10 Purchase - October 30 Part 11 Purchase - November 17 Part 12 Sale - December 21 Part 13 Under the average-cost method, Urban's total cost of ending inventory is and the cost of goods sold for the year is . Part 14 Requirement b. Compute Urban's ending inventory and cost of goods sold under the FIFO cost-flow assumption assuming a perpetual inventory system. (When entering the layers for the units sold, enter the first layer sold under FIFO on the first available line, then the next layer sold under FIFO on the next line, and so on. CGS = Cost of Goods Sold.) FIFO: CGS Units Unit Total Units per Inventory Transaction Purchased Cost Cost Sold Unit CGS Balance Beginning inventory Part 15 Purchase - February 8 Part 16 Purchase - March 15 Part 17 Purchase - April 10 Part 18 Sale - April 22 Part 19 Purchase - May 9 Part 20 Purchase - June 19 Part 21 Sale - August 11 Part 22 Purchase - September 20 Part 23 Purchase - October 30 Part 24 Purchase - November 17 Part 25 Sale - December 21 Part 26 Under the FIFO method, Urban's total cost of ending inventory is and the cost of goods sold for the year is . Part 27 Requirement c. Compute Urban's ending inventory and cost of goods sold using the LIFO cost-flow assumption assuming a perpetual inventory system. Begin by preparing Urban Stores' perpetual inventory record under the last-in, last-out (LIFO) method for the year. (When entering the layers for the units sold, enter the first layer sold under LIFO on the first available line, then the next layer sold under LIFO on the next line, and so on. CGS = Cost of Goods Sold.) LIFO: CGS Units Unit Total Units per Inventory Transaction Purchased Cost Cost Sold Unit CGS Balance Beginning inventory Part 28 Purchase - February 8 Part 29 Purchase - March 15 Part 30 Purchase - April 10 Part 31 Sale - April 22 Part 32 Purchase - May 9 Part 33 Purchase - June 19 Part 34 Sale - August 11 Part 35 Purchase - September 20 Part 36 Purchase - October 30 Part 37 Purchase - November 17 Part 38 Sale - December 21 Part 39 Under the LIFO method, Urban's total cost of ending inventory is and the cost of goods sold for the year is .
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Imports provided the following information regarding its inventory for the current year, its second year of operations.
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Sales in
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Transaction
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Units
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Units
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Unit Cost
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Total Cost
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Beginning inventory January 1
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36,000
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$3.40
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$122,400
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Purchases
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February 8
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51,000
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4.10
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209,100
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March 15
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101,000
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4.80
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484,800
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April 10
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67,000
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4.90
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328,300
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Subtotal
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255,000
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$1,144,600
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Units sold April 22 at $7
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153,000
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May 9
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85,000
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5.10
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433,500
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June 19
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25,000
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5.20
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130,000
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Subtotal
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365,000
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$1,708,100
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Units sold August 11 at $10
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115,000
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September 20
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13,000
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5.30
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68,900
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October 30
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42,000
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5.40
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226,800
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November 17
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4,000
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5.60
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22,400
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Subtotal
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424,000
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$2,026,200
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Units sold December 21 at $12
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24,000
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Total available for sale
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424,000
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Total units sold
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(292,000)
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Ending inventory
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132,000
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Compute Urban's ending inventory and cost of goods sold under each of the following cost-flow assumptions assuming a perpetual inventory system. (Round your answer for cost per unit to two decimal places.)
a. Moving Average b. FIFO c. LIFO
Requirement a. Compute Urban's ending inventory and cost of goods sold under the moving-average cost-flow assumption assuming a perpetual inventory system.
Begin by entering Urban's purchase and sale transactions in chronological order one line at a time, calculating a new moving-average cost per unit after every transaction. (Use a minus sign or parentheses for units sold or for a reduction in cost. Round your answer for cost per unit to two decimal places.)
Moving-average:
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Units
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Average
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Purchased
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Unit
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Cumulative
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Total
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Cumulative
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Cost
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Transaction
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(Sold)
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Cost
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Units
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Cost
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Cost
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Per Unit
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Beginning inventory
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Part 2
Purchase - February 8
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Part 3
Purchase - March 15
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Part 4
Purchase - April 10
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Part 5
Sale - April 22
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Part 6
Purchase - May 9
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Part 7
Purchase - June 19
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Part 8
Sale - August 11
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Part 9
Purchase - September 20
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Part 10
Purchase - October 30
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Part 11
Purchase - November 17
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Part 12
Sale - December 21
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Part 13
Under the average-cost method, Urban's total cost of ending inventory is
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and the cost of goods sold
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for the year is
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.
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Part 14
Requirement b.
Compute
Urban's
ending inventory and cost of goods sold under the FIFO cost-flow assumption assuming a perpetual inventory system. (When entering the layers for the units sold, enter the first layer sold under FIFO on the first available line, then the next layer sold under FIFO on the next line, and so on. CGS = Cost of Goods Sold.)
FIFO:
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CGS
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Units
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Unit
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Total
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Units
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per
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Inventory
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Transaction
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Purchased
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Cost
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Cost
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Sold
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Unit
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CGS
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Balance
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Beginning inventory
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Part 15
Purchase - February 8
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Part 16
Purchase - March 15
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Part 17
Purchase - April 10
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Part 18
Sale - April 22
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Part 19
Purchase - May 9
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Part 20
Purchase - June 19
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Part 21
Sale - August 11
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Part 22
Purchase - September 20
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Part 23
Purchase - October 30
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Part 24
Purchase - November 17
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Part 25
Sale - December 21
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Part 26
Under the FIFO method, Urban's total cost of ending inventory is
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and the cost of goods sold
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for the year is
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.
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Part 27
Requirement c. Compute
Urban's
ending inventory and cost of goods sold using the LIFO cost-flow assumption assuming a perpetual inventory system.Begin by preparing
Urban
Stores' perpetual inventory record under the last-in, last-out (LIFO) method for the year. (When entering the layers for the units sold, enter the first layer sold under LIFO on the first available line, then the next layer sold under LIFO on the next line, and so on. CGS = Cost of Goods Sold.)
LIFO:
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CGS
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Units
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Unit
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Total
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Units
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per
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Inventory
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Transaction
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Purchased
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Cost
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Cost
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Sold
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Unit
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CGS
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Balance
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Beginning inventory
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Part 28
Purchase - February 8
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Part 29
Purchase - March 15
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Part 30
Purchase - April 10
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Part 31
Sale - April 22
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Part 32
Purchase - May 9
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Part 33
Purchase - June 19
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Part 34
Sale - August 11
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Part 35
Purchase - September 20
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Part 36
Purchase - October 30
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Part 37
Purchase - November 17
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Part 38
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Sale - December 21
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Part 39
Under the LIFO method, Urban's total cost of ending inventory is
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and the cost of goods sold
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for the year is
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.
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