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Get the step by step solution to this homework que...




Get the step by step solution to this homework question now: E6-14 The units of an item available for sale during the year were as follows: Jan. 1 Inventory 27 units at $120 Feb. 17 Purchase 54 units at $138 July 21 Purchase 63 units at $156 Nov. 23 Purchase 36 units at $165 There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the firstin, first-out method, (b) the last-in, first-out method, and (c) the average cost method. WITH ADJUSTMENTS. ASSUME AN APRIL 12TH SALE OF 60 UNITS AND A SEPTEMBER 10TH SALE OF 70 UNITS. HOW MUCH IS THE COST OF GOODS SOLD FOR THE YEAR UNDER FIFO, LIFO, AND MOVING AVERAGE? WHAT IS THE COST OF ENDING INVENTORY ON DECEMBER 31ST UNDER FIFO, LIFO AND MOVING AVERAGE ( SHOW SUPPORTING CALCULATIONS,OK Great. Let me know if you need any information from me.


Paper#8165 | Written in 18-Jul-2015

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