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Belmont Company uses the periodic inventory system. At the end of the annual accounting period, December 31, 2017, the accounting records in inventory showed:
Beginning inventory, Jan. 1, 2017
Purchase, March. 15
Purchase, July 31
Sale, April 30 (sold at $12 each)
Sale, Sept. 15 (sold at $14 each)
Determine the amount of goods available for sale, the ending inventory, and cost of goods sold under each of the following methods assuming the periodic inventory system. (For average cost, round the average unit cost to three decimal places.) To receive partial credit, show calculations.
Cost of Goods Sold
ending inv COGS Goods available avg... View the full answer
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