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Computing Cost of Sales and Ending Inventory

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Computing Cost of Sales and Ending Inventory
Stocken Company has the following financial records for the current period.

Units Unit Cost
Beginning Inventory 100 $ 46
Purchases: #1 650 42
#2 550 38
#3 200 36

Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, last out.
(a) First-in, first-out
Ending inventory $

Cost of goods sold $

(b) Average cost
Ending inventory $
Cost of goods sold $

(c) Last-in, first-out
Ending inventory $
Cost of goods sold $

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Solution Summary

This solution shows how to calculate cost of goods sold and ending inventory using the first-in first-out method, the average cost and the last-in first-out method.

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