The following data is available for one of the products sold by Wild Optics Company,which uses the periodic inventory system:
At the end of December,Wild Optics had 25 units on hand.The 75 units sold created revenue of $13 each.Determine the amounts for the December 31 ending inventory,the cost of goods sold for December,and the gross margin for December for each of the inventory costing methods listed below.
Definitions:
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