A company has the following inventory data:DateUnits PurchasedCost per UnitUnits SoldJan 11,000$10Feb 11,200$12800Mar 11,500$14900Requirements:(a) Calculate...
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Accounting
A company has the following inventory data:
Date | Units Purchased | Cost per Unit | Units Sold |
Jan 1 | 1,000 | $10 | |
Feb 1 | 1,200 | $12 | 800 |
Mar 1 | 1,500 | $14 | 900 |
(a) Calculate the ending inventory using FIFO. (b) Determine the cost of goods sold using LIFO. (c) Compute the ending inventory using the weighted average method. (d) Discuss the impact of each inventory costing method on financial statements.
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