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Item2 12.5 points eBookHintPrintReferencesCheck my workCheck My Work button is now enabledItem 2...

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Accounting

Item2
12.5
points
eBookHintPrintReferencesCheck my workCheck My Work button is now enabledItem 2
During the year, Hooker Incorporated has the following inventory transactions.
Date Transaction Number of Units Unit Cost Total Cost
January 1 Beginning inventory 21 $23 $483
March 4 Purchase 2622572
June 9 Purchase 3121651
November 11 Purchase 3119589
109 $2,295
For the entire year, the company sells 82 units of inventory for $31 each.
Required:
1-a & b. Using FIFO, calculate ending inventory and cost of goods sold.
1-c & d. Using FIFO, calculate sales revenue and gross profit.
2-a & b. Using LIFO, calculate ending inventory and cost of goods sold.
2-c & d. Using LIFO, calculate sales revenue and gross profit.
3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold.
3-c & d. Using weighted-average cost, calculate sales revenue and gross profit.
4. Determine which method will result in higher profitability when inventory costs are declining.

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