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Problem 1: Enchanted Forest Inc uses FIFO method of inventory costing, but is considering switching to the weighted average method of inventory costing. The company has 200 units in stock, purchased for $15 per unit. During the year, Enchanted Forest purchased 300 units on January 15 for $16 per unit, 500 units on February 10 for $14 per unit and 200 units on March 1 for $15 per unit. What is the impact of switching from FIFO to weighted average inventory costing, if all but 50 units were sold?
Option 1: FIFO will result in higher COGS, with no impact on gross profit
Option 2: FIFO will result in higher COGS and lower gross profit
Option 3: Weighted average will result in higher COGS and lower gross profit
Option 4: Weighted average will result in higher COGS, with no impact on gross profit
Option 5: Weighted average will result in lower COGS and higher gross profit
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