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SOLUTIONS TO EXERCISES - SERIES B - CHAPTER 5 WORKING PAPERS LO 5-1 Exercise 5-2B Allocating product cost between cost of goo
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Answer #1

First purchase cost ; $3600

Second purchase cost : 4200

Total : $7800

A. FIFO

Cost of goods sold : $3600

Ending inventory : $4200

B. LIFO

Cost of goods sold : $4200

Ending inventory : $3600

C.Weighted average method

Cost of goods sold and ending inventory : ($4200+$3600)/2 = $3900

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