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Question - Maple Company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases made by the company during the month of March 2019 are given below:
March 01: Beginning inventory, 450 units @ $18 per unit.
March 18: Inventory purchased, 600 units @ $20 per unit.
March 25: Inventory purchased, 700 units @ $26 per unit.
The Mark company sold 1,300 units during the month of July.
Required - Calculate the cost of goods sold and ending inventory on March 31, 2019 using the following inventory costing methods:
1. First in, first out (FIFO) method
2. Weighted Average cost method
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