Share, Inc. The following data is available for one of the products sold by Share,...
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Accounting
Share, Inc. The following data is available for one of the products sold by Share, Inc., which uses a perpetual inventory system.
May 1 On hand, 10 units at $2 each 8 Sold 6 units at $10 each 14 Purchased 30 units at $3 each 23 Sold 24 units at $10 each
Required: a. If the moving average method is used, how much is cost of goods sold for May? b. If the moving average method is used, how much is ending inventory on May 30? c. If the FIFO method is used, how much is ending inventory on May 30? d. If the LIFO method is used, how much is cost of goods sold for May? e. How the valuations of inventory differ in average, LIFO and FIFO methods of inventory valuation?
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