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Accounting

ount Company reports the following for the month of June:

Date Explanation Units Unit Cost Total Cost
June 1 Inventory 200 $5 $1,000
June 12 Purchases 300 6 1,800
June 23 Purchases 500 7 3,500
June 30 Inventory 120

Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M968450

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