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What is the balance reported as ending inventory

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Question - Assume that 1,700 units are sold during 2020. Compute the cost of goods sold for 2020 and the balance reported as ending inventory on its 2020 balance sheet under the following inventory costing methods: FIFO, LIFO, and average cost.

Required -

1. What is the cost of goods sold for 2020 under FIFO?

2. What is the balance reported as ending inventory on the 2020 balance sheet under FIFO?

3. What is the cost of goods sold for 2020 under LIFO?

4. What is the balance reported as ending inventory on the 2020 balance sheet under LIFO?

5. What is the cost of goods sold for 2020 under average cost?

6. What is the balance reported as ending inventory on the 2020 balance sheet under average cost?

Reference no: EM133030564

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