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The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.
Required:
- 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
- 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
- 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
- 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
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Solutions: