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Leven Company began operations on December 1, 2019. The following information is available for the...

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Accounting

Leven Company began operations on December 1, 2019. The following information is available for the companys merchandise inventory. A physical inventory taken on March 31, 2020, showed 3,000 units available. Leven uses a periodic inventory system.

Date Units Unit Cost
January 1, 2020 (beginning inventory) 1,600 $9.00
Purchases: January 5, 2020 3,000 10.00
January 25, 2020 2,400 10.50
February 16, 2020 1,200 12.00
March 26, 2020 1,800 13.00

Required

a. Compute ending inventory and cost of goods sold for the quarter ended March 31, 2020, using:

Ending Inventory COGS
1. Average cost method. Answer Answer
2. FIFO method. Answer Answer
3. LIFO method. Answer Answer

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