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
Answer & Explanation
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