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With steps and explanation Assume that a retailer's beginning inventory and purchases of a...

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Accounting

imageWith steps and explanation

Assume that a retailer's beginning inventory and purchases of a popular item during January included: (1) 420 units at $8.20 in beginning inventory on January 1, (2) 570 units at $9.20 purchased on January 8, and (3) 870 units at $10.20 purchased on January 29. The company sold 470 units on January 12 and 670 units on January 30 Required: 1. Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual calculation), (c) LIFO (periodic calculation), and (d) LIFO (perpetual calculation). Cost of Goods Sold a. FIFO (periodic calculation) b. FIFO (perpetual calculation) c. LIFO (periodic calculation) d. LIFO (perpetual calculation)

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