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In: Accounting

Emmett Inc. uses a perpetual inventory system and had the following activity for a single inventory...

Emmett Inc. uses a perpetual inventory system and had the following activity for a single inventory item:

1. Calculate the value of COGS, Ending Inventory and Gross profit under FIFO and Moving Average. (round unit cost to two digits)

Units Unit Cost

1-Jan inventory 510 100.00

Purchases

5-Jan 275 110.00

10-Jan 175 114.00

15-Jan 100 116.00

20-Jan 125 118.00

Sales

12-Jan 525 135.00

18-Jan 405 140.00

22-Jan 200 142.00

Expert Solution

ekkarill92 answered 2 years ago

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