Credit card company had the following inventory data for, Ask an Expert

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Credit Card Company had the following inventory data for the current month.

Beg inventory + 10 units @ $50. = $500

1st purchase = 30 units @ 60 = $1,800

2nd purchase = 25 units @ 65 -$1,625

Total units = 65 Total cost = $3,925

At the end of the month, there were 15 units on hand.

Compute cost of goods sold and ending inventory for each of the following methods.

a. Average cost

b. First in-First out(FIFO)

c. Last in - First out(LIFO)

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9160297

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