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PLEASE SHOW ME THE CALCULATION SheldonSheldon Company's inventory records for the most recent...

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Question

Accounting

PLEASE SHOW ME THE CALCULATION

SheldonSheldon

Company's inventory records for the most recent year contain the following data:

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(Click the icon to view the data

THE DATA IS POSTED BELOW

SheldonSheldon

Company sold a total of

21 comma 10021,100

units during the year.Read the requirements

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.

Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearestcent.)

Using the average-cost method, the cost of goods sold is

$

and the ending inventory is

$

.

Requirement 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year.

Using the FIFO method, the cost of goods sold is

$

and the ending inventory is

$

.

Quantity Unit Cost

Beginning inventory- 9,000 $18.00

Purchases during year - 16,000 $20.00

Answer & Explanation Solved by verified expert
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