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Question - The following is a list of purchases and sales for Emory Company:
Beginning inventory; 8 units @ $5 purchase price
Purchase # 1; 10 units @ $6
Purchase # 2; 14 units @ $7
Purchase #3; 12 units @ $6
Sales 40 units
Required -
Calculate the ending inventory balance (in $) if the company uses the FIFO inventory valuation method.
Calculate the ending inventory balance (in $) if the company uses the LIFO inventory valuation method.
Calculate the ending inventory balance (in $) if the company uses the average cost inventory valuation method.
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