(10 Points; You should budget 10 minutes for this question) The inventory record

Question

(10 Points; You should budget 10 minutes for this question) The inventory records of Duck Corporation reflected the following information for the month of October of 2015: Date Transaction Units Unit Sales Unit cost Price 10/1 Beginning Inventory 10/3 | Purchase #1 10/5 | Sale #1 10/11 | Purchase #2 10/ 19 | Sale #2 $50 420 690 $75 180 300 $75 500 250 $75 150 $41 $39 $38 $37 10/2 1 | Purchase # 3 10/28 | Sale #3 1029 | Purchase #4 the following amounts for Duck Corporation for October 2015: Periodic System Perpetual Systenm Revenue using Last-in, First-out (LIFO) Revenue using First-in, First-out (FIFO) Cost of Goods Sold using LIFO Cost of Goods Sold using FIFO Il

Explanation / Answer

COGS :-

LIFO PERPETUAL :-$45,140

LIFO PERIODIC :-$50,740

COGS:-

FIFO PERIODIC. :-$54,130

FIFO PERPETUAL. :-$54,080

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