A grocery store buys Italian gelato from different suppliers and sells the desserts to its...
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Accounting
A grocery store buys Italian gelato from different suppliers and sells the desserts to its customers for $5 per pint. In September, the following purchases and sales occurred. You are to find the COGS, ending inventory and Gross Margin using FIFO and LIFO.
September 2, purchase 30 pints at $2.50 each
September 6, purchase 20 pints at $3 each
September 20, purchase 25 pints at $4 each
September 5-8, sell 10 pints to customers
September 9-19, sell 20 pints
September 21- 30, sell 35 pints
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