Cost of Goods sold, gross profit - Inventory
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Compute cost of goods sold and gross profit under (a) FIFO (b) LIFO and (c) average cost (round average cost per unit to the nearest cent and al other amounts to the nearest dollar).
Beginning Inventory - 20 tires @ $60
Purchase - 8 tires @ $75
Sale - 15 tires @ $110
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Solution Summary
The solution computes cost of goods sold and gross profit with given inventory, sales & pruchase data.
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