Inventory flows for Ramos Company for the month of January are as follows:
*Assume the same for FIFO, LIFO, and weighted average cost flow assumptions.
Required:
Compute the cost of goods sold and ending inventory for the Ramos Company using the following assumptions:
a. FIFO cost flow assumption and a periodic inventory system
b. LIFO cost flow assumption and a periodic inventory system
c. Weighted average cost flow assumption and a periodic inventory system
Correct Answer:
Verified
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