F5 Practice Quiz

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School
University of Maryland, Baltimore County **We aren't endorsed by this school
Course
ECON 121
Subject
Economics
Date
Oct 26, 2023
Pages
1
Uploaded by jenniferkelly490912 on coursehero.com
ECON 121 F5 Practice Quiz ABC had the following inventory transactions throughout the year: Beginning inventory 100 units at $60 April 1 sold 50 units June 1 purchased 200 units at $65 August 10 sold 140 units September 20 purchased 100 units at $70 December 15 sold 200 units 1. Start this assignment by finding the Cost of Goods Sold for each sale using the following costing methods: a. FIFO b. LIFO c. Weighted Average. 2. Find the ending inventory under each of the following costing methods: a. FIFO b. LIFO c. Weighted Average. 3. Find the gross profit for each sale under each of the following costing methods: a. FIFO b. LIFO c. Weighted Average. 4. Prepare the journal entries for each purchase and sale for ABC company using proper dating and provide a brief summary for each.
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