Fancy iron industries began october with 54 units of iron

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Reference no: EM13568396

Fancy Iron Industries began October with 54 units of iron inventory that cost $39 each. During October, the company completed the following inventory transactions:

		units	unit cost	unit sale price
oct 3	sale	44		$70
8	purchase	84	$44
21	sale	74		$74
30	purchase	14	$48

Requirements

R1. Prepare a perpetual inventory record for the inventory using FIFO.

R2. Prepare a perpetual inventory record for the inventory using LIFO

R3. Prepare a perpetual inventory record for the inventory using average cost.

R4. Determine the company's cost of goods sold for October using FIFO, LIFO, and average cost.

R5. Compute gross profit for October using FIFO, LIFO, and average cost.

Reference no: EM13568396

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