Compute the ending inventory using average-cost method.... | Filo
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The following information concerns production in the Forging Department for June. The Forging Department uses the average cost method.a. Determine the cost per equivalent unit.b. Determine the cost of the units transferred to Finished Goods.c. Determine the cost of ending Work in Process.
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Which statement is true in a perpetual inventory system? a- LIFO cost of goods sold will be the same as in a periodic inventory system. b- Average costs are based entirely on unit-cost simple averages. c- A new average is computed under the average cost method after each sale. d- FIFO cost of goods sold will be the same as in a periodic inventory system.
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Moosier Inc. has been in operation for 3 years and uses the FIFO method of pricing inventory. During the fourth year, Moosier changes to the average-cost method for all its inventory. How will Moosier report this change? | Numerade
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