P6-3A Marlow Company, Ltd. had a beginning inventory of 400 units of Product Kimbo at...
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P6-3A Marlow Company, Ltd. had a beginning inventory of 400 units of Product Kimbo at a cost of 8 per unit. During the year, purchases were: Feb. 20 May 5 200 units at 9Aug. 12 600 units at 11 500 units at 10Dec. 8300 units at 12 Marlow Company uses a periodic inventory system. Sales totaled 1,500 units. Instructions (b) Determine (1) the ending inventory and (2) the cost of goods sold under the two (c) Which cost flow method results in (1) the lower ending inventory amount for the state- a) Determine the cost of goods available for sale. assumed cost flow methods (FIFO and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and average-cost methods. ment of financial position, and (2) the lower cost of goods sold for the income statement
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