The records of The Grayson Group showed the following transactions, in the order given, relating...
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Accounting
The records of The Grayson Group showed the following transactions, in the order given, relating to the major inventory item:
| Units | Unit Cost | ||
| 1. | Inventory | 3,000 | $7.30 |
| 2. | Purchase | 4,000 | 5.20 |
| 3. | Sale (at $17) | 5,000 | |
| 4. | Purchase | 3,000 | 6.30 |
Complete the following schedule for each independent assumption. Please make sure your final answer(s) are accurate to the nearest whole number.
| Amounts | |||
| Independent Assumptions | Cost of goods sold | Ending Inventory | Gross Profit |
| a. FIFO inventory system | |||
| b. Moving average inventory system |
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