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Question 6 In chronological order, the inventory, purchase, and sales of a single product for a recent month are as follows: October 1 4 12 16 24 31 Beginning Inventory Purchase Purchase Sale Purchase Ending Inventory Units 150 400 800 1,300 400 450 $/unit 20 30 32 50 42 Instructions (1) Using FIFO method, compute the cost of ending inventory, cost of goods sold, and gross margin. (2) Using the average-cost method, compute the cost of ending inventory, cost of goods sold, and gross margin.

Question 6 In chronological order, the inventory, purchase, and sales of a single product for a recent month are as follows: October 1 4 12 16 24 31 Beginning Inventory Purchase Purchase Sale Purchase Ending Inventory Units 150 400 800 1,300 400 450 $/unit 20 30 32 50 42 Instructions (1) Using FIFO method, compute the cost of ending inventory, cost of goods sold, and gross margin. (2) Using the average-cost method, compute the cost of ending inventory, cost of goods sold, and gross margin.

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.3BE: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as...
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Question 6 In chronological order, the inventory, purchase, and sales of a single product for a recent month are as follows: October 1 4 12 16 24 31 Beginning Inventory Purchase Purchase Sale Purchase Ending Inventory Units 150 400 800 1,300 400 450 $/unit 20 30 32 50 42 Instructions (1) Using FIFO method, compute the cost of ending inventory, cost of goods sold, and gross margin. (2) Using the average-cost method, compute the cost of ending inventory, cost of goods sold, and gross margin.
Transcribed Image Text:Question 6 In chronological order, the inventory, purchase, and sales of a single product for a recent month are as follows: October 1 4 12 16 24 31 Beginning Inventory Purchase Purchase Sale Purchase Ending Inventory Units 150 400 800 1,300 400 450 $/unit 20 30 32 50 42 Instructions (1) Using FIFO method, compute the cost of ending inventory, cost of goods sold, and gross margin. (2) Using the average-cost method, compute the cost of ending inventory, cost of goods sold, and gross margin.
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