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Question - Three Arrows Limited ('THA') uses the perpetual inventory system and the weighted average costing method. Below is THA's record of inventory purchases and sales for the month of October 20X1.
Date
Description
Units
Units cost ($)
Unit sale price ($)
1 Oct
Beginning inventory
130
50
5 Oct
Purchases
104
59
9 Oct
Sales
110
85
12 Oct
64
90
16 Oct
140
25 Oct
80
30 Oct
95
Required -
1. Calculate the sales revenue, cost of goods sold, and gross profit of THA for October 20X1.
2. Calculate the ending inventory of October 20X1 if THA used the FIFO costing method instead.
3. Discuss whether and briefly explain why the cost of goods sold and ending inventory of October 20X1 would be higher or lower if THA used the LIFO costing method instead.
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