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QUESTIONS UNIT4-3

# QUESTIONS UNIT4-3 - 1 (20, . inventorymethod.? inventory...

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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?

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QUESTIONS UNIT4-3 - 1 (20, . inventorymethod.? inventory...

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