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The Following Data Is Available for One of the Products

question 67

Essay

The following data is available for one of the products sold by Chancet Company,which uses a perpetual inventory system:
 April 1 On hand, 10 units at $8 each $805 Purchased 30 units at $7.80 each 23418 Purchased 40 units at $8.25 each 33020 Sold 75 units for $13 each 24 Pưchased 20 units for $8.25 each 165\begin{array}{lll}\text { April } & 1 &\text { On hand, } 10 \text { units at } \$ 8 \text { each }&\$80 \\& 5 & \text { Purchased } 30 \text { units at } \$ 7.80 \text { each } &234\\& 18 & \text { Purchased } 40 \text { units at } \$ 8.25 \text { each } &330\\& 20 & \text { Sold } 75 \text { units for } \$ 13 \text { each } \\&24 & \text { Pưchased } 20 \text { units for } \$ 8.25 \text { each }&165\end{array} Chancet Company's ending inventory for April was 25 units.
Complete the table by determining the amounts of April 30th inventory,cost of goods sold,and gross margin under each of the inventory costing methods listed below.
Ending Inventory Cost of Goods Sold Gross Margin
A)FIFO
B)LIFO
C)Moving Average Cost

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Definitions:

Advance Health Directive

A legal document specifying a person's preferences for medical treatment in situations where they might be unable to make decisions for themselves.

Durable Power of Attorney

A legal document that grants a designated person the authority to act on another's behalf in legal or financial matters, even in the event of the latter's incapacitation.

Health-Care Power of Attorney

A legal document that grants an individual the authority to make medical decisions on behalf of another person if they become incapacitated.

Constructive Trust

An equitable remedy imposed by a court to address unjust enrichment, requiring one party to hold property for the benefit of another when fairness demands it.

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