Compu goods s LIFO, (LO 2), E6-7 Jeters Company reports the following for the month...
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Compu goods s LIFO, (LO 2), E6-7 Jeters Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost 120 370 200 230 600 2,220 1,400 $5 June 1 Inventory 12 Purchase 23 Purchase Inventory 30 Instructions (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Round average unit cost to three decimal (b) Which costing method gives the highest ending inventory? The highest cost of goods (c) How do the average-cost values for ending inventory and cost of goods sold relate to (d) Explain why the average cost is not $6. places.) sold? Why? ending inventory and cost of goods sold for FIFO and LIFO
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