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4. Inventory valuation methods. Computations and concepts

4. Inventory valuation methods. Computations and concepts

4. Inventory valuation methods. Computations and concepts. Wave Riders Surf Board Company began business on January 1 of the current year. Purchases of surf boards
were as follows: Jan.3 100 boards <& $125 Mar.17 50 boards @ $130 May9 246 boards @ $140 July3 400 boards @ $150 Oct.23 74 boards @ $160 Wave Riders sold
710 boards at an average price of $250 per board. The company uses a periodic inventory system. Instructions: Calculate cost of goods sold, ending inventory, and
gross profit under each of the following inventory valuation methods: First-in, first-out.

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