The following information is taken from the records of East Oak Distributors Inc. The company uses the perpetual inventory system.
**for specific identification, sold 20 units of opening inventory, 300 units of purchase #3, and 80 units of purchase #4.
1. Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions:
b. Specific identification
c. Weighted average.
2. Assume each unit was sold for $5. Complete the following partial income statements :
This question was answered on: Jul 11, 2017
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