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Question - 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?
FIFO will result in higher COGS, with no impact on gross profit
FIFO will result in higher COGS and lower gross profit
Weighted average will result in higher COGS and lower gross profit
Weighted average will result in higher COGS, with no impact on gross profit
Weighted average will result in lower COGS and higher gross profit
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