(Solved by Expert Tutors) The 123 Accounting Company sells accounting videos. The following inform

of 123 Accounting Co.

January 1: Opening Inventory is 60 units @$10/each

January 10: Bought 100 units @$11 each

January 15: Bought 100 units @$13 each

January 20: Sold 220 units @$20 each

January 25: Bought 40 units @ $15 each

If prices are rising during the year (inflation) then 123 Accounting will show the highest net income under:

Weighted Average (perpetual)

FIFO

Weighted Average (periodic)

All methods will yield the same reported income

LIFO

 

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DATE ANSWERED

Apr 19, 2020

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