A company sells a climbing kit and uses the perpetual inventory system to account for...
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Accounting
A company sells a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and i transactions during January were as follows: If the ending inventory is reported at $276, what inventory method was us January 1: Beginning balance of 18 units at $13 each January 12: Purchased 30 units at $14 each January 19: Sold 24 units at \$30 selling price each January 20: Purchased 24 units at \$17 each January 27: Sold 27 units at $30 selling price each LIFO method. Weighted average method. FIFO method. Specific identification method. Retail inventory method. The sales journal is used to record * Credit sales Cash sales Credit purchases Cash purchases Cash receipts
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