question 5 A record of transactions for the month of January was as follows: Purchases Sales Jan 1 (balance) 500 @ $5.00 Jan 3 200 @ $7.00 10 1,300 @ $5.60 18 1,000 @ 8.50 25 800 @ $6.00 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and cost of goods sold for FIFO, LIFO and moving average.
question 5
A record of transactions for the month of January was as follows:
Purchases Sales
Jan 1 (balance) 500 @ $5.00 Jan 3 200 @ $7.00
10 1,300 @ $5.60 18 1,000 @ 8.50
25 800 @ $6.00
Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and cost of goods sold for FIFO, LIFO and moving average.
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