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Determine the cost of goods sold ending inventory and gross

Question: Fulbright Corp. uses the periodic inventory system. It's beginning inventory had 10 units @ $100, and they made the following purchases, during the year. (listed in chronological order of acquisition):

40 units at $120
70 units at $125
80 units at $130

The sales in units was 120 at $ 180.00 per unit.

Determine the Cost of Goods Sold, Ending Inventory, and Gross Profit for the following 3 methods

FIFO

LIFO

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Accounting Basics: Determine the cost of goods sold ending inventory and gross

Reference No:- TGS02360638

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