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UMET's Stores had the following inventory transactions in 2022 Transaction Units Cost per Unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 1/5 Purchase 25 12 11/18 Sale 95 Compute the cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions a. FIFO b. LIFO c. Weighted average

UMET's Stores had the following inventory transactions in 2022 Transaction Units Cost per Unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 1/5 Purchase 25 12 11/18 Sale 95 Compute the cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions a. FIFO b. LIFO c. Weighted average

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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UMET's Stores had the following inventory transactions in 2022 Transaction Units Cost per Unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 1/5 Purchase 25 12 11/18 Sale 95 Compute the cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions a. FIFO b. LIFO c. Weighted average
Transcribed Image Text:UMET's Stores had the following inventory transactions in 2022 Transaction Units Cost per Unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 1/5 Purchase 25 12 11/18 Sale 95 Compute the cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions a. FIFO b. LIFO c. Weighted average
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