kamiyaharris1
kamiyaharris1
21.08.2021 • 
Business

The following information is for Francis Inc. Units Price/Unit Total 10/1 Balance 200 $2.00 $400 Purchases 6-Oct 500 $2.10 $1,050 13-Oct 600 $2.30 $1,380 22-Oct 900 $2.60 $2,340 Available for sale 2,200 $5,170 Sales 7-Oct 400 $4.10 $1,640 19-Oct 700 $4.30 $3,010 28-Oct 800 $4.80 $3,840 Total Sales 1,900 $8,490 Required: A. Assume Francis uses the periodic inventory cost method. Calculate the cost of goods sold and the ending inventory balances using the FIFO, LIFO, and Weighted Average methods. B. Which of the following methods will result in the lowest net income

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