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week 9 assignment ethics in accounting Use of perpetual inventory...

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Accounting

week 9 assignment ethics in accounting
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Use of perpetual inventory system for merchandise invent Powell Company had the following information for the year ending December 31: Will.exe/OMBIA-Wis Merchandising and Inventor Student NamStephanie Down Date:06/14/2026 calculation Sample Questio Units Unit Cost Beginning inventory Purchase: 260 $43 390 42 Sale: April 6 May 4 July 19 270 Purchase: 250 41 Sale: September 9 400 Purchase: October 10 270 36 Powell uses the perpetual inventory system and the LIFO method. Required: Using LIFO (a) Compute the cost of ending inventory. (b) Compute cost of goods sold for the year. OO Explanation LIFO: LIFO, "last in, first out," assumes that the last goods purchased (in) will be the first to be sold (out). Since we are using a perpetual inventory system, we will examine each transaction, one by one, and specifically identify the cost of each unit sold. Using the data in the problem, the following inventory information can be identified: Beginning inventory: Units purchased on April 6: 260 units at a cost of $43 per unit 390 units at a cost of $42 per unit

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