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    bananasacct Posts: 1, Reputation: 1
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    Mar 6, 2013, 09:32 AM
    Steps to find fifo ending inventory
    Jan 1 beginning inventory 600 units @44/unit
    Feb 10 purchase 200 units @40/unit
    Mar 13 Purchase 100 units @20/unit
    Mar 15 sales 400 units @75/unit
    Aug 21 Purchase 160 units @60/unit
    Sept 5 Purchase 280 units @48/unit
    Sept 10 sales 200 unites @75/unit

    Totals 1340 units (units acquired at cost)
    Totals 600 units (units sold at retail)

    Question 1:
    Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) specific identification-units sold consist of 500 units from beginning inventory and 100 units from the March 13 purchase, and (d) weighted average.

    Question 2:
    Compute gross profit earned by the company for each of the four costing methods

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