Dene Company uses a perpetual inventory system and rep
Question and Solution
Dene Company uses a perpetual inventory system and reports the following inventory transactions for the month of July:
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Dene Company uses a perpetual inventory system and reports the following inventory transactions for the month of July: Instructions (a) Calculate the cost of goods sold and ending inventory under (1) FIFO and (2) average. (Hint: Round the average cost per unit to three decimal places.) (b) Which cost formula gives the higher ending inventory? Why? (c) Which cost formula results in the higher cost of goods sold? Why?
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