Chapter 7 Inventories - Graded Assignment -.docx -...

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Principles of Accounting 1 - Graded AssignmentChapter 7- InventoriesDue on 9 May (Saturday)Name: __________________________________________________________Student No.: ___________________A. Calculate cost of goods soldunder the following methods and show the computation for your answers: (60 points)a)FIFOb)LIFOc)weighted-average (round per unit cost to the nearest cent, round final answer to the nearest dollar)The following data are available for the month of March:March 1 balance20 units at $15 eachMarch 10 purchase40 units at $16 eachMarch 17 purchase30 units at $17.50 eachMarch 30 purchase25 units at $18 eachOn March 31, 35 units are on hand.B.Determine the effect on the cost of goods sold and net income for the current year of the following inventory errors

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