Using the following information, calculate gross profit and ending inventory using a) FIFO, b) LIFO,...
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Using the following information, calculate gross profit and ending inventory using a) FIFO, b) LIFO, and c) weighted-average cost methods under an inventory system that uses specific identification. The company sold 2 units for $50 each on September 7. Date .... Units Cost/unit... Total Cost Oct. 11 Purchase....... 2 @ $10...... $20 Oct 22 Purchase....... 2 @ $20 ..$40 Sept 2 Purchase 3 @ $11 $ 33 Total $93 Using LIFO, what is the cost of Ending Inventory? Using FIFO, what is the cost of Ending Inventory? Using LIFO, what is the cost of COGS? Using FIFO, what is the cost of COGS? Using the following information, calculate gross profit and ending inventory using a) FIFO, b) LIFO, and c) weighted-average cost methods under an inventory system that uses specific identification. The company sold 2 units for $50 each on September 7. ---- Date..... Units Cost/unit..... Total Cost Oct. 11 Purchase....... 2 @ $10. $20 Oct. 22 Purchase....... 2 @ $20. ..$40 Sept 2 Purchase 3 @ $11 $ 33 Total $93 Using LIFO, what is the cost of Ending Inventory? Using FIFO, what is the cost of Ending Inventory? Using LIFO, what is the cost of COGS? Using FIFO, what is the cost of COGS
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