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Exercise 5-13A (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P3 The company uses...

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Accounting

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Exercise 5-13A (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P3
The company uses a periodic inventory system.
a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
c. Compute the gross profit for each method.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
\table[[Periodic Inventory System,\table[[Ending],[Inventory]],\table[[Cost of],[Goods Sold]]],[FIFO,,]]
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