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Compute the cost of goods? sold

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Assume that Models and More store bought and sold a line of dolls during December as? follows:

Dec. 1 Beginning merchandise inventory 12 units @ $ 11 each

8 Sale 7 units @ $ 16 each

14 Purchase 15 units @ $14 each

21 Sale 14 units @ $ 16 each

Question 1. Compute the cost of goods? sold, cost of ending merchandise? inventory, and gross profit using the FIFO inventory costing method.

Question 2. Compute the cost of goods? sold, cost of ending merchandise? inventory, and gross profit using the LIFO inventory costing method.

Question 3. Which method results in a higher cost of goods? sold?

Question 4. Which method results in a higher cost of ending merchandise? inventory?

Question 5. Which method results in a higher gross? profit?

Reference no: EM132497866

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