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