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    Microsoft's Inventory Records for Software

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    Microsoft Corporation's inventory records for a particular software program show the following at October 31:
    Oct. 1 Beginning inventory 5 units @ $160
    Oct. 8 Purchase 4 units @ $160
    Oct. 15 Purchase 11 units @ $170
    Oct. 26 Purchase 5 units @ $180

    1. Compute cost of goods sold and ending inventory, using each of the following methods:
    a. Specific unit cost, assuming three $160 units and five $180 units are on hand
    b. Average cost
    c. First-in, first-out
    d. Last-in, first-out

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    Solution Summary

    Cost of goods sold and ending inventory are computed via 4 different methods - specific unit cost, average cost, FIFO and LIFO. Attached in Excel.