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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

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