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Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost - Star Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2012, the accounting records provided the following information for product 1:
Units
Unit Cost
Inventory, December 31, 2011
2,000
$5
For the year 2012:
Purchase, March 21
5,000
7
Purchase, August 1
3,000
8
Inventory, December 31, 2012
4,000
Required:
Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.
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