ework Saved Help Sav Required information Exercise 8-18 (Algo) FIFO, LIFO, and average cost methods...
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ework Saved Help Sav Required information Exercise 8-18 (Algo) FIFO, LIFO, and average cost methods (LO8-1,8-4) (The following information applies to the questions displayed below.) Causwell Company began 2021 with 23,000 units of inventory on hand. The cost of each unit was $5.00. During 2021 an additional 40,000 units were purchased at a single unit cost, and 33,000 units remained on hand at the end of 2021 (30,000 units therefore were sold during 2021). Causwell uses a periodic inventory system. Cost of goods sold for 2021. applying the average cost method, is $174,000. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used. Exercise 8-18 (Algo) Part 2 Required: 2. Determine the cost of goods sold for 2021 using the LIFO method. (Do not round intermediate calculations.) LIFO cost of goods sold
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