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Social ScienceUsing a perpetual inventory system. This company's beginning inventory of a product and its purchases during the month of January were as follows. Quantity Unit Cost Total CostBeginning inventory(Jan 1) 180 $50 $9,000Purchase(Jan. 9) 90 $55 $4,950Purchase(Jan. 22) 90 $56 $5,040Total 360 $18,990On Jan 24. the company sold 200 units of this product. The other 160 units remain in inventory at Jan. 31. Determine the Cost of Goods Sold using LIFO, FIFO, and Average Cost.
Using a perpetual inventory system. This company's beginning inventory of a product and its purchases during the month of January were as follows.
Quantity Unit Cost Total Cost
Beginning inventory(Jan 1) 180 $50 $9,000
Purchase(Jan. 9) 90 $55 $4,950
Purchase(Jan. 22) 90 $56 $5,040
Total 360 $18,990
On Jan 24. the company sold 200 units of this product. The other 160 units remain in inventory at Jan. 31.
Determine the Cost of Goods Sold using LIFO, FIFO, and Average Cost.
Expert Answer
Calculate the cost of goods sold under LIFO method:
Calculate the cost of goods sold under FIFO method:
Determine the cost of goods available for s...
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