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Moffett Company, which uses the periodic inventory system, has the following records for July of 2017:...

Moffett Company, which uses the periodic inventory system, has the following records for July of 2017:

Units Unit Cost Total Cost
Beginning inventory 180 $60 $10,800
Purchases: July 6 100 63 6,300
July 12 220 66 14,520
July 19 140 68 9,520
July 27 160 69 11,040

Moffett sold 580 units during July. Compute the cost of the ending inventory and the cost of goods sold using the following methods:

              Ending Inventory     Cost of Goods Sold

a. FIFO          _______              _______

b. LIFO    _______              _______

c. Weighted-average   _______              _______

d. Compute the inventory turnover under the FIFO method _______  

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Expert Solution

ekkarill92 answered 2 years ago
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