Exercise 203 Norris Company uses the perpetual inventory system and had the following...
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Accounting
Exercise 203 Norris Company uses the perpetual inventory system and had the following purchases and sales during March. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 100 3/3 Purchase 3/4 Sales 3/10 Purchase 3/16 Sales 3/19 Purchase 3/25 Sales $40 $50 60 70 $80 200 $55 80 $90 40 $60 120 $90 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO FIFO LIFO Cost of goods solds Ending inventory
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