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Question - Jackson Bike's is a re-seller of beach bicycles and uses the perpetual inventory system. It's records show the following in the month of May.
Units
Unit Cost
Total Cost
June Beginning Inventory
21
$210
$4,410
June 7 Purchase
19
$215
$4,085
June 19 Purchase
12
$220
$2,640
On June 20, Jackson sold 30 units for $310 each.
Compute the cost of goods sold (June 20th sale) and ending inventory (after June 20th sale) under the following cost flow assumptions: Show all computations.
i. COGS (FIFO)
ii. Ending Inventory (FIFO)
iii. COGS (LIFO)
iv. Ending Inventory (LIFO)
v. COGS (Weighted Average)
vi. Ending Inventory (Weighted Average)
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