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Determine cost of goods and ending inventory amounts

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Reference no: EM131756000

Question: As of December 31, ABC Corp. took a physical count of its inventory and determined they had 120 units of their product still on hand. ABCâ€TMs accounting records provided the following information about their inventory:

Goods Available for Sale throughout the year:

                                                    Units              Unit Cost        

Beginning Inventory                           180                 $4.35

Purchase, March 20                           200                 $5.10

Purchase, Aug. 12                             310                 $5.75

Purchase, Nov. 20                             460                 $6.50

Determine Cost of Goods and Ending Inventory amounts under FIFO, LIFO, and Average Cost Methods. Clearly label which method goes with which COGS and End. Inv. amount.

Reference no: EM131756000

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