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The following data are for the Miller Corporation, which sells just one product: Beginning inventory January 1 Purchases: February 11 May 18 October 23 March 1 July 1 Sales Units Unit Cost 200 500 400 100 400 400 $27 $29 $34 $41 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Round your final answers to the nearest dollar.

The following data are for the Miller Corporation, which sells just one product: Beginning inventory January 1 Purchases: February 11 May 18 October 23 March 1 July 1 Sales Units Unit Cost 200 500 400 100 400 400 $27 $29 $34 $41 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Round your final answers to the nearest dollar.

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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The following data are for the Miller Corporation, which sells just one product: Beginning inventory January 1 Purchases: February 11 May 18 October 23 March 1 July 1 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Round your final answers to the nearest dollar. Sales Units Unit Cost 200 a. FIFO b. LIFO c. Weighted average $ 500 400 100 400 400 Cost of goods sold Ending inventory $ $27 $29 $34 $41 $
Transcribed Image Text:The following data are for the Miller Corporation, which sells just one product: Beginning inventory January 1 Purchases: February 11 May 18 October 23 March 1 July 1 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Round your final answers to the nearest dollar. Sales Units Unit Cost 200 a. FIFO b. LIFO c. Weighted average $ 500 400 100 400 400 Cost of goods sold Ending inventory $ $27 $29 $34 $41 $
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