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Compute the cost of goods sold under average cost

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William Store bought and sold a line of dolls of inventory and has the following records relating to its December 2018 inventory: Date Item Quantity (units) Unit Cost 1 st July. Beginning inventory 15 $12 3 rd July. Sale 8 9 th July. Purchase 16 $14 11th July. Sale 12 15th July. Purchase 18 $20

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Question 1: William Store uses the perpetual inventory system, compute the cost of goods sold under: (Hints: PSA5.3 Modelmania Ltd & PSA5.3: Zoom Ltd) i. FIFO ii. LIFO iii. Average Cost iv. Which method results in the highest cost of goods sold?

Reference no: EM132607948

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