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Problem - Kettle Company made the following purchases of Product A In its first year of operations:
Units
Unit Cost
January 2
1,400
@ $7.40
March 31
1,200
@ 7.00
July 5
2,400
@ 7.60
November 1
1,800
@ 8.00
The ending inventory that year consisted of 2,400 units. Kettle uses periodic inventory procedure.
1. Compute the cost of the ending Inventory using each of the following methods: (1) FIFO, (2) LIFO, and (3) weighted-average.
2. Which method would yield the highest amount of gross margin? Explain why it does.
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