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November 29, 2014

Homework Help: finance

Posted by Monty Douglas on Friday, January 21, 2011 at 9:02pm.

Laird Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 200 units at $45.00 per unit. During the year, Laird made two batch purchases of coffee makers. The first was a 300-unit purchase at $50 per unit; the second was a 350-unit purchase at $52 per unit. During the period, Laird sold 800 coffee makers.
Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Laird uses
a. FIFO.
b. LIFO
c. Weighted average.

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