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Exercise to calculate FIFO and LIFO. Warner International, Inc. has the following inventory at hand, in order of acquisition in August 2016:
Date
Units
Units cost
Total Cost
August 01, 2016
500
$20
$10,000
August 03, 2016
800
$24
$19,200
August 07, 2016
700
$26
$18,200
August 10, 2016
$28
$22,400
August 12, 2016
900
$30
$27,000
Total
3700
$96,800
Warner International, Inc. sold 2,400 units during the month of August Is required:
Calculate the inventory as of August 31, 2016.Indicate how much is in units and dollars.
Also calculate the Cost of Goods Sold using the following inventory methods:
1. FIFO 2. LIFO
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