Tamarisk, Inc. had a beginning inventory on January 1 of 293 units of Product 4-18-15...
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Accounting
Tamarisk, Inc. had a beginning inventory on January 1 of 293 units of Product 4-18-15 at a cost of $21 per unit. During the year, the following purchases were made.
Mar. 15
780 units
at
$24
Sept. 4
683 units
at
$27
July 20
488 units
at
$25
Dec. 2
195 units
at
$30
1,950 units were sold. Tamarisk, Inc. uses a periodic inventory system.
Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to 0 decimal places, e.g. 1,250.)
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