Compute the ending inventory and cost of goods sold

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Reference no: EM132774911

Question - Shown below is activity for one of the products of Innodine:

January 1 balance, 240 units @ $54 for a total of $12,960

Purchases: January 10 - 210 units @ $45; January 20 420 units @ $52

Sales: January 12 375 units; January 28 435 units

TOTAL COSTS $106,750

Required -

a. Compute the ending inventory and cost of goods sold assuming Innodine uses FIFO.

b. Compute the ending inventory and cost of goods sold assuming Innodine uses LIFO and a perpetual inventory system.

c. Compute the ending inventory and cost of goods sold assuming Innodine uses average cost and a perpetual inventory system.

d. Compute the ending inventory and cost of goods sold assuming Innodine uses average cost and a periodic inventory system.

e. Compute the ending inventory and cost of goods sold assuming Innodine uses LIFO and a periodic inventory system.

Reference no: EM132774911

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