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Linda’s Lampshades started business on Jan. 1, 20X1. They had the following inventory transactions:
Journals – Jan. 20X1
Purchases
Supplier Date Received Quantity Unit Cost Amount
Donna 01/10/X1 110 12.00 1320.00
Thomas 01/15/X1 160 14.00 2240.00
Cindy 01/18/X1 150 15.00 2250.00
Sales
Customer Date shipped Quantity Sel. Price Amount
Norilene 01/16/X1 200 25.00 5000.001. Calculate the ending inventory, using the perpetual inventory method: A. Using FIFOB. Using LIFO
C. Using Average Cost
2. Prepare the following statement Using
FIFO LIFO Average Cost
Sales
Cost of Sales Gross Profit
Please use excel sheet to create answer.
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