Which cost formula produces the higher gross profit and net income? Which cost formula produces...
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Which cost formula produces the higher gross profit and net income? Which cost formula produces the higher ending inventory valuation? Which cost formula produces the higher cash flow? Problem 6-3A Ayayal-Mart Centre Inc. began operations on May 1 and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Purchases Sales Date Units Unit Cost Units Unit Price May 1 120 $100 3 80 $239 8 110 13 80 15 60 115 20 60 289 27 40 313 100 266 Determine the cost of goods sold and cost of ending Inventory using (1) pro and (2) average cout (Round Average answers to 2 decimal places, ..0.5.78) Average FIFO Cost of Goods Sold $ Ending Inventory $
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