Question 9 of 13>0/1Larkspur, Inc. uses a periodic inventory system and reports the following for the month of June.UnitDateExplanationUnitsCostTotal CostJune 1Inventory130$5$ 65012Purchase34062,04023Purchase2001,40030Inventory203(a)X Your answer is incorrect.Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)FIFOLIFOAverage-costCost of the endinginventory2$16401310$1464Cost of goods sold2$26302$29602$2806

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Answered: Compute the cost of the ending…

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Compute the cost of the ending inventory and the cost of goods sold under FIFÓ, LIFÓ, and average-cost.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 41BE: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for...

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