Dene Company uses a periodic inventory system and its
Question and Solution
Dene Company uses a periodic inventory system and its accounting records include the following inventory information f
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Dene Company uses a periodic inventory system and its accounting records include the following inventory information for the month of July: A physical inventory count determined that 225 units were on hand at July 31. Instructions (a) Calculate the ending inventory and the cost of goods sold under (1) FIFO and (2) average. (b) For part 2 of instruction (a), explain why the average unit cost is not $6.50. (c) How do the results for instruction (a) diff er from E6-6, where the same information was used in a perpetual inventory system?
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