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Question - Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold.
Date
Explanation
Units
Unit Cost
Total Cost
May 1
Inventory
33
$10
$330
May 15
Purchase
27
$11
$297
May 24
40
$12
$480
Total
100
$1,107
Required - Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods.
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