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jefferson company had the following sales and purchases during 2011 its first year o 4237921

Jefferson Company had the following sales and purchases during 2011, its first year of business:January 5 Purchased 40 units at $100 eachFebruary 15 Sold 15 units at $150 eachApril 10 Sold 10 units at $150 eachJune 30 Purchased 30 units at $105 eachAugust 15 Sold 25 units at $150 eachNovember 28 Purchased 30 units at $110 eachRequirements1. Calculate the ending inventory, the cost of goods sold, and the gross profit for the December 31, 2011, financial statements under each of the following assumptions:a. FIFO periodicb. LIFO periodicc. Weighted average cost periodic2. How will the differences between the methods affect the income statement for the year and balance sheet at December 31, 2011?View Solution:
Jefferson Company had the following sales and purchases during 2011

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