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Calculate the Cost of Goods Sold Under Each of the Following

Question 32

Essay

Calculate the cost of goods sold under each of the following methods given the information below about purchases and sales during the year. Assume a periodic inventory system. Use four decimal places. Calculate the cost of goods sold under each of the following methods given the information below about purchases and sales during the year. Assume a periodic inventory system. Use four decimal places. Sales for March: 95 units a) ________ FIFO b) ________ LIFO c) ________ Weighted-average Sales for March: 95 units
a) ________ FIFO
b) ________ LIFO
c) ________ Weighted-average

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a) FIFO (50 × $25) + (45 × $30...

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