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Lifo Fifo Weighted Average

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A companys inventory records showed the following data relative to a particular item sold regularly ( assume that the transactions take place in the order given and inventory is valued using a periodic not perpetual system)
Units Unit Cost
1) Begining Inventory 10 $2.00
2) Purchase #1 40 2.20
3) Purchase #2 20 2.10
4) Sale #1 50
5) Purchases #3 60 2.40
6) Sales #2 @ $5 each 20

Decription Fifo Lifo Weighted Average

Cost of Goods Sold _________ _________ _____________

Ending Inventory _________ _________ ______________

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Solution Summary

LIFO and FIFO weighted averages are examined.

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