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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
The following information is taken from the records of the Cole Durkee Company. Cole Durkee sells frozen turkeys to major grocery stores. Durkee uses a Perpetual inventory system . A. Determine the cost of goods sold for the month using the FIFO cost flow assumption. B. Determine the cost of goods sold for the month using the LIFO cost flow asumption. C. How many turkeys are in ending inventory and what is the cost of ending inventory under each assumption? D. What is the cost of goods available for sale under each assumption? E. Assuming Cole Durkee sells each turkey for $ 7 each, what is the gross profit of the 5/16 sale? Date Transaction Units Cost/Unit 5/1 Beginning inventory 28 5.30 5/4 Sale 10 5/12 Purchase 12 5.80 5/16 Sale 8 5/21 Sale 9 5/25 Purchase 8 5.95 5/31 Sale 12
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