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Benson Company, Which Uses the Periodic Inventory System, Has the Following

Question 7

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Benson Company, which uses the periodic inventory system, has the following records for the year:
Benson Company, which uses the periodic inventory system, has the following records for the year: Ending inventory at December 31 is 80 units. Compute the cost of the ending inventory and the cost of goods sold using the following methods: a. FIFO b. Weighted-average c. LIFO
Ending inventory at December 31 is 80 units. Compute the cost of the ending inventory and the cost of goods sold using the following methods:
a. FIFO
b. Weighted-average
c. LIFO

Correct Answer:

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a. FIFO:
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b. Weighted-average: Cost ...

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