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Shown below is the activity for one of the products of Wonderful Pets Creations:
January 1 balance, 80 units @ $50 ($4,000)
Purchases:
January 18: 40 units @ $51
January 28: 40 units @ $52
sales:
January 12: 30 units
January 22: 30 units
January 31: 45 units
Requirements:
Problem a) Compute the ending inventory and cost of goods sold assuming Wonderful Pet Creations uses FIFO. NOTE that FIFO Periodic and FIFO Perpetual methods give the same answer.
Problem b) Compute the ending inventory and cost of goods sold assuming Wonderful Pet Creations uses LIFO and a periodic inventory system.
Problem c) Compute the ending inventory and cost of goods sold assuming Wonderful Pet Creations uses average cost and a periodic inventory system.
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