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I-08.02 Worksheet

# I-08.02 Worksheet - I-08.02(c Weighted-average Beginning...

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Name: Date: Section: I-08.02 (a) FIFO Purchases 50 units @ \$15,000 each 70 units @ \$16,000 each 30 units @ \$16,500 each 90 units @ \$17,000 each 25 units @ \$17,200 each Beginning inventory - \$ Plus: Purchases - Cost of goods available for sale - \$ Less: Ending inventory - Cost of goods sold - \$ Sales - \$ Cost of goods sold - Gross profit - \$ (b) LIFO Beginning inventory - \$ Plus: Purchases - Cost of goods available for sale - \$ Less: Ending inventory - Cost of goods sold - \$ Sales - \$ Cost of goods sold - Gross profit - \$ 1 of 2

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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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I-08.02 Worksheet - I-08.02(c Weighted-average Beginning...

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