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Question - Assume that Dunk Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory:
Jun 1 Beginning merchandise inventory
18 units @ $ 15 each
12 Purchase
4 units @ $ 16 each
20 Sale
12 units @ $35 each
24 Purchase
20 units @ $19 each
29 Sale
21 units @ $35 each
Requirements -
1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method.
2. Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method.
3. Compute ending merchandise inventory, cost of goods sold, and gross profit using the weighted-average inventory costing method.
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