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Unformatted text preview: I-08.02 (c) Weighted-average Beginning inventory-$ Plus: Purchases-Cost of goods available for sale-$ Less: Ending inventory-Cost of goods sold-$ Sales-$ Cost of goods sold-Gross profit-$ (d) The highest gross profit is produced under __________. The most current cost in inventory is reported under __________. The most current cost on the income statement is reported under __________. The lowest profit and tax obligation is produced under __________. 2 of 2...
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.
- Spring '11