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Question - During 2014, Smith & Co. sold 42,000 units of its product. The following units were on hand or purchased during the year:
Units
Cost per
Total Cost
Beginning inventory (1/1/2016)
12,000
$15.10
$181,200
Purchase #1: (2/2/16)
16,000
$15.25
$244,000
Purchase #2: (6/15/16)
17,000
$15.50
$263,500
Purchase # 3: (10/31/16)
15,000
$15.75
$236,250
Total Available for Sale
60,000
$924,950
Less Sold
Ending inventory
Required - In the table above, fill in the number of units sold and the number of units in Ending Inventory. Calculate ending inventory and cost of goods sold for the next 3 questions.
1) If the company used FIFO method, what is the value of ending inventory and cost of goods sold?
2) If the company used LIFO method, what is the value of ending inventory and cost of goods sold?
3) If the company used the average cost method, what is the value of ending inventory and cost of goods sold?
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