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    Looking at Inventory Costing Methods

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    Using FIFO, LIFO, and the weighted average method, determine the gross profit, cost of goods sold, and cost of ending inventory. Use the form provided for your answers.

    Data below represents the purchases in August of Item ABC for Golson Company. Assume the company sold 1 unit during the month at a selling price of $50.

    Date
    Item ABC
    Units
    Cost
    Total cost

    1-Aug
    Purchase
    10
    $35
    $350

    7-Aug
    Purchase
    8
    $36
    $288

    21-Aug
    Purchase
    7
    $37
    $259

    Total
    25

    $897

    Average cost per unit
    $36

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    https://brainmass.com/business/accounting/looking-at-inventory-costing-methods-573113

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    Solution Summary

    Using FIFO, LIFO, and the weighted average method, determined the gross profit, cost of goods sold, and cost of ending inventory.

    $2.19