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Unformatted text preview: PERIODIC inventories. On April 1, there was a beginning inventory of 100 units that cost us $10 each. On April 5, we sold 25 units. Later on the same day, we purchased and placed into inventory 100 more units at $11 each On April 7, we purchased 50 more units at $12. On April 10, we sold 125 units On April 12, we purchased 100 units at $13 On April 15, we sold 100 units. At 4:30 that day, we received and paid for 100 units at $14 On April 16, we purchased 200 units at $15. We later in the day sold 100 units April 20, we sell 250 units. April 22 we purchase 100 units at $20. We hear prices are sharply rising and later in the day order another 100 units, which now cost us $25 On April 25, we sell 150 units. April 28, we sell 50 units REQUIRED: Determine COGS and EI under LIFO and FIFO....
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This note was uploaded on 06/06/2011 for the course ACC 231 taught by Professor - during the Fall '10 term at Sam Houston State University.
- Fall '10
- Financial Accounting