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Balance as of May 1, 2017 800 @ 104
Purchases:
May 7 19000 @ 105
June 11 17000 @ 106
July 23 3200 @ 103
December 15 5100 @ 107
This company uses a periodic inventory system, and a physical inventory count on Dec 30 shows 8300 units on hand.
Question 1: Using this information, calculate ending inventory value using both LIFO and FIFO
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