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The Big Rig Company, a multi-product firm, presented the information below concerning one of their products:
Date Transaction Quantity Cash1/1 Beginning Inventory 1,000 P 122/4 Purchase 2,000 182/20 Sale 2,500 4/2 Purchase 3,000 2211/4 Sale 2,000
Requirement:
Problem 1: Compute the cost of ending inventory, assuming that Big Rig uses:
a. Periodic system, FIFO cost method;b. Perpetual system, FIFO cost method;c. Periodic system, average-cost method; andd. Perpetual system, moving-average-cost method
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