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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.

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