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1) Suppose that you are manager of the local hospital. You start year with 150 boxes of inventory, each at the cost of $1,000. Your organization had given inventory changes during year: you bought 110 extra boxes in March at the cost of $1,200 each, extra 230 boxes in August at the cost of= $1,400 each, and used 400 boxes during year. Compute value of ending inventory and value of inventory used during year by using both FIFO and LIFO methods.

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