Using the following information, calculate gross profit and ending inventory using (a) FIFO, (b) LIFO,...
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Accounting
Using the following information, calculate gross profit and ending inventory using (a) FIFO, (b) LIFO, and (c) weighted average cost methods. The company sold two units for $50 each on August 27.
Date
Units
Cost/Unit
Total Cost
Aug. 10
Purchase
2
$11
$22
12
Purchase
2
$15
30
14
Purchase
2
$22
44
Total
6
$96
use excel
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