Inventory Valuation all 3 methods
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The following are data available for Richards Co. for the month of May:
Sales 1,120 units
Beginning Inventory 200 units @ $1.25
Purchases, in chronological order 500 units @ $1.30
400 units @ $1.40
700 units @ $1.50
Calculate cost of goods sold under the following cost flow assumptions:
(1) Weighted average
(2) FIFO
(3) LIFO.
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Solution Summary
The solution computes cost of goods sold FIFO, LIFO and weighted average.
Solution Preview
1 Weighted Average
Total Purchases = 200*1.25 + 500*1.3 + 400*1.4 + 700*1.5 = ...
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