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Compute cost of goods sold and ending inventory

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Reference no: EM132852655

Problem - Busby Corp. began the year with 75 units of inventory that it paid $2 each to acquire. During the year, it purchased an additional 100 units for $3 each. Busby sold 150 units during the year.

Required -

a. Compute cost of goods sold and ending inventory assuming Busby uses FIFO.

b. Compute cost of goods sold and ending inventory assuming Busby uses LIFO.

Reference no: EM132852655

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