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Periodic inventory system and inventory costing methods

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Periodic Inventory System and Inventory Costing Methods

In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows:

Units   Amount per Unit

June 1 Beginning inventory 150 Units $30

June 4 Purchase 400  Units $33

June 12 Purchase 800  Units $36

June 16 Sale 1,300 Units  $60

June 24 Purchase 300  Units $39

Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. Round unit costs to the nearest cent and round the final answers to the nearest dollar.

Reference no: EM131465617

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