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(Solved): Problem-solving Question: FIFO, Average, and LIFO Cost (CLO #4).6 PointsGarran Company's record of t ...
Problem-solving Question: FIFO, Average, and LIFO Cost (CLO #4).
6 Points
Garran Company's record of transactions for the month of June was as follows:
Purchases
June 1 (Beg Balance)
600 @ $3.00
1,500 @
3.04
800 @ 3.20
1,200 @ 3.25
700 @
3.30
500 @ 3.13
2,300
June 3
9
11
23
27
Sales
500 @ $5.00
1,300 @
5.00
600 @ 5.50
1,200 @
5.50
900 @ 6.00
4,500
13
21
29
Instructions:
Assuming that periodic inventory records are kept, compute the inventory at June 30 using:
(1) FIFO, (2) average cost, and (3) LIF
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