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Question - Northhills Super Save uses a perpetual inventory system and reports the following transactions for the month of December for one of its products:
Date
Explanation
Units
Cost/Price
December 1
Beginning inventory
6
$40.00
December 6
Purchase
4
42.00
December 11
Sale
7
100.00
December 24
12
43.40
December 26
5
44.00
December 31
10
Required -
A. Prepare inventory records using:
i. The FIFO method
ii. The LIFO method
iii. The weighted average method
B. Under each of the methods you prepared in part a) above, compute Sales, Cost of Goods Sold and Gross Profit.
C. Prepare journal entries for December 26 and December 31 under all methods.
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