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Problem - The following information pertains to Baxter for 2014.
Beginning inventory - 55 units @ $15
Units purchased - 260 units @ $19
Ending inventory consisted of 27 units. Baxter sold 288 units at $31 each. All purchases and sales were made with cash.
Required - Compute the gross profit margin for the Baxter Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average.
sales 800000 cost of goods sold 300000 accounts recievable 20000 bonds outstanding 160000 accounts payable 20000
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