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Question

29. (21 points)  Williams Company sold 490 units for $25 each in 2019. The following information is also

available regarding inventory for 2019:


Event Units Unit cost


Beginning Inventory   15  $10

Purchase #1  150      12

Purchase #2  170   14

Purchase #3   180   15

Goods Available  515


REQUIRED:

Determine the ending inventory, cost of goods sold and gross profit which would be shown on the financial statements using the following methods. Show all computations.

Ending Inventory

Cost of Goods Sold

Gross Profit


Gross Profit

Rate




a. FIFO




LIFO


c. Weighted Average

Top Answer

a). FIFO Method Ending Inventory=$375 Cost of Goods sold=$6,655 Gross Profit=$5,595... View the full answer

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