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Compute the cost of ending inventory using lifo

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Reference no: EM13539992

Comparing amounts for ending inventory-perpetual inventory-FIFO and LIFO 
Assume that a Models and More store bought and sold a line of dolls during December as follows:

Beginning inventory

13

units @

11.00

Sale

9

units

Purchase

17

units @

13.00

sale

13

units

Models and More uses the perpetual inventory system.


Requirements

1. Compute the cost of ending inventory using FIFO.

2. Compute the cost of ending inventory using LIFO.

3. Which method results in a higher cost of ending inventory?

Reference no: EM13539992

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