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Determine the ending inventory and cost of goods sold

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Reference no: EM132468188

Problem - Williams Company sold 490 units for $25 each in 2019. The following information is also available regarding inventory for 2019:

Event

Units

Unit cost

Beginning Inventory

15

$10

Purchase #1

150

12

Purchase #2

170

14

Purchase #3

180

15

Goods Available

515

 

REQUIRED - Determine the ending inventory, cost of goods sold and gross profit which would be shown on the financial statements using the following methods. Show all computations.

a. FIFO

b. LIFO

c. Weighted Average.

Reference no: EM132468188

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