XYZ Company uses the periodic inventory system to manage their inventory. The accounting records reveal...
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Accounting
XYZ Company uses the periodic inventory system to manage their inventory. The accounting records reveal that the company has 400 units of inventory at the beginning of the month. The unit rate for the opening inventory is $9. During the month, the company made the following purchases: Table 3.1. Date Units Rate 03 Sep 20X2 350 $10 15 Sep 20X2 600 $10 20 Sep 20X2 750 $11 The accounting records further reveal that the closing inventory balance is 900 units. Required: Calculate (1) Cost of Sales and (2) Cost of Closing Inventory using the following cost flow assumptions: 1. FIFO 2. Weighted Average
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