Compute the cost of goods sold for the year ended december

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Reference no: EM13335509

the following data relate ti inventory for the year ended December 31, 2011. A physical inventory on December 31,2011, indicates that 600 units are on hand that they came from the July 1 purchase.

Date Description # of Units Cost per Unit Total Cost

Jan 1 Beginning inventory 1,000 $4 $4,000

Feb 20 Purchase 800 4.50 3,600

April 1 Purchase 900 4.75 4,275

July 1 Purchase 700 5.00 3,500

Oct 22 Purchase 500 4.90 2,450

Dec 10 Purchase 500 5.00 2,500

4,400 20,325

Requires Compute the cost of goods sold for the year ended December 31, 2011, and thw ending inventory under the following cost assumptions.

a. First-in, first-out (FIFO)

b. Last-in, last-out (LIFO)

c. Average cost (weighted average)

d. Specific identificated

Reference no: EM13335509

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