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In its first month of operations, Quirk Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 200 units at $8. Assuming there are 360 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Quirk uses a periodic inventory system.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9442593

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