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Question - FIFO, LIFO and Weighted Average Inventory Costing Methods - Toy Cars sells battery-powered ride-on vehicles for children. There is no unique identifier on their products, so the company is debating between the FIFO, LIFO, and weighted average inventory methods. Help them calculate the following cost of goods sold and ending inventory for their most popular toy car.
Date
Transaction #
Units
Cost/Unit
3/2
Beginning Inventory
80
$170
3/14
Purchase Inventory
150
$180
3/27
100
$220
3/30
Sales at $329 each
130
?
Required -
1. Calculate ending inventory on March 31 using FIFO.
2. Calculate cost of goods sold for March using LIFO.
3. Calculate cost of goods sold for March using weighted average.
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