QUESTIONS UNIT4-3 - 1. Using the cost information from...

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Unformatted text preview: 1. Using the cost information from exercise (20), assume that Texas Jam Company sold 775 jars of jam and has 225 jars in ending inventory. The company uses first in first out inventory method. What is the value of cost of goods sold? What is the value of ending inventory? Cost of Goods Sold = 250 * 1.50 + 150 * 2.50 + 375 * 3.00 = 375 + 375 + 1125 = $1875 Ending Inventory = 200 * 3.25 + 25 * 3 = 650 + 75 = 725 2. Using the cost information from exercise (20), assume that Texas Jam Company sold 775 jars of jam and has 225 jars in ending inventory. The company uses last in first out inventory method. What is the value of cost of goods sold? What is the value of ending inventory method....
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QUESTIONS UNIT4-3 - 1. Using the cost information from...

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