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Effect of inventory cost flow on ending inventory balance and gross margin
Dugan Sales had the following transactions for jackets in 2013, its first year of operations:
Jan. 20
Purchased 80 units @ $15
=
$1,200
Apr. 21
Purchased 420 units @ $16
6,720
July 25
Purchased 250 units @ $20
5,000
Sept. 19
Purchased 150 units @ $22
3,300
During the year, Dugan Sales sold 830 jackets for $40 each.
Required
Record the above transactions in general journal form and post to T-accounts using (1) FIFO, (2) LIFO, and (3) weighted average. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.
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