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a. Assume that Gleem uses the first-in, first-out method. Compute the cost of goods sold for the
year and the ending inventory balance at December 31 for product B b. Assume that Gleem uses
the last-in, first-out method. Compute the cost of goods sold for the year and the ending
inventory balance at December 31 for product B. c. Assume that Gleem uses the weighted-
average cost method. Compute the cost of goods sold for the year and the ending inventory
balance at December 31 for product B. Do not round until your final answers. Round answers to
the nearest dollar. d. Assuming that Gleem sells items that quickly become obsolete, which of
these three inventory costing methods would you choose to: Assume this is during a period of
rising costs.

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a. Assume that Gleem uses the first-in, first-out method. Compute the.pdf

  • 1. a. Assume that Gleem uses the first-in, first-out method. Compute the cost of goods sold for the year and the ending inventory balance at December 31 for product B b. Assume that Gleem uses the last-in, first-out method. Compute the cost of goods sold for the year and the ending inventory balance at December 31 for product B. c. Assume that Gleem uses the weighted- average cost method. Compute the cost of goods sold for the year and the ending inventory balance at December 31 for product B. Do not round until your final answers. Round answers to the nearest dollar. d. Assuming that Gleem sells items that quickly become obsolete, which of these three inventory costing methods would you choose to: Assume this is during a period of rising costs.