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Maple company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases...

Maple company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases made by the company during the month of March 2019 are given below:

  • March 01: Beginning inventory, 450 units @ $18 per unit.

  • March 18: Inventory purchased, 600 units @ $20 per unit.

  • March 25: Inventory purchased, 700 units @ $26 per unit.

The Mark company sold 1,300 units during the month of July.

Required:

Calculate the cost of goods sold and ending inventory on March 31, 2019 using the following inventory costing methods:

  1. First in, first out (FIFO) method

  2. Weighted Average cost method

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feedback is welcomed.

ekkarill92 answered 2 years ago
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