(TCO 4) Thomas Manufacturing had 4 units
Question
(TCO 4) Thomas Manufacturing had 4 units of their product
in inventory at $250 per unit to start the month. During the month, they purchased an additional 7 units at $250 per unit and another 12 units at $275 per unit. Also, at the end of the month, they sold 12 units and ended the month at 8 units. Calculate their ending inventory and cost of goods sold using one of the following: LIFO, FIFO or Average Cost methods. Show all computations.
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