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In: Accounting

Shown below is the activity for one of the products of Tampa Office Equipment January 1...

Shown below is the activity for one of the products of Tampa Office Equipment

January 1 balance, 550 units @ $60 per unit Purchases:
January 10: 450 units @ $65 per unit
January 20: 1,100 units @ $57 per units

Sales:
January 12: 950 units
January 28: 800 units

Required: Compute the January 31 ending inventory and cost of goods sold for January assuming Tampa uses:
1. Periodic average cost
2. Periodic LIFO
3. Perpetual FIFO
4. Perpetual LIFO
(Do not round intermediate calculations. Round your final answers to nearest whole dollar amount)

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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