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# Shawn Company had 294 units in beginning inventory at a total cost of \$29,400. The company purchased 588 units at a total cost of \$82,320.

Shawn Company had 294 units in beginning inventory at a total cost of \$29,400. The company purchased 588 units at a total cost of \$82,320. At the end of the year, Shawn had 221 units in ending inventory.

The cost of the ending inventory  \$. _____FIFO, LIFO______\$, AVERAGE-COST______\$

The cost of goods sold                  \$_____FIFO, LIFO______\$, AVERAGE-COST______\$

Which cost flow method would result in the highest net income?_________

Which cost flow method would result in inventories approximating current cost in the balance sheet?______

Which cost flow method would result in Shawn paying the least taxes in the first year?__________

FIFO: cost of ending inventory = 30940, cost of goods sold = 80780 LIFO: cost of ending inventory = 22100, cost of... View the full answer

Cost of goods sold (COGS) is the cost incurred to manufacture or... View the full answer

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