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The beginning inventory of a particular product, and the purchases during the current year were as follows: Jan 1 Mar 9 Beginning inventory Purchase 1,000 units @$14.00 1,050 units @ $14.50

The beginning inventory of a particular product, and the purchases during the current year were as follows: Jan 1 Mar 9 Beginning inventory Purchase 1,000 units @$14.00 1,050 units @ $14.50

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Section Four: The beginning inventory of a particular product, and the purchases during the current year, were as follows: Jan 1 Mar 9 August 11 Beginning inventory Purchase Purchase December 23 Purchase 1,000 units @$14.00 1,050 units @ $14.50 b) First in, First out 950 units @$15.00 500 units @$15.75 At December 31, they sold 2,650 units and the ending inventory of this product consisted of 850 units. Determine the cost of goods sold and the ending balance for this product under each of the following methods of inventory valuation (Rounded): a) Average cost
Transcribed Image Text:Section Four: The beginning inventory of a particular product, and the purchases during the current year, were as follows: Jan 1 Mar 9 August 11 Beginning inventory Purchase Purchase December 23 Purchase 1,000 units @$14.00 1,050 units @ $14.50 b) First in, First out 950 units @$15.00 500 units @$15.75 At December 31, they sold 2,650 units and the ending inventory of this product consisted of 850 units. Determine the cost of goods sold and the ending balance for this product under each of the following methods of inventory valuation (Rounded): a) Average cost
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