FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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J8.

 

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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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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