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PART: Problem
A retail company had the following merchandise inventory activity for its widget product line during the current monthly period.
* For Specific ID, 50 units were sold from the beginning inventory; 100 from the Nov 5th purchase, and 50 from the Nov 8th inventories.
Complete the chart, below, for the four inventory methods by calculating the company's COGS and ending inventory for both the perpetual and periodic inventory systems; and identifying the lower of cost or market (LCM) adjustment for each:
(An inventory card is available In Tab 2 for your convenience, but its use is not necessary for this test.)
Attachment:- Accounting.xlsx
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