Ty Ty tracks the number of units purchased and sold throughout each accounting period but...
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Accounting
Ty Ty tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Ty Ty's records show the following for the month of January. Sales totaled 270 units.
Date
Units
Unit Cost
Total Cost
Beginning Inventory
January 1
220
$ 85
$ 18,700
Purchase
January 15
480
95
45,600
Purchase
January 24
200
115
23,000
Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
Cost of Ending Inventory
Cost of Goods Sold
FIFO
LIFO
Weighted Average Cost
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