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Compute the cost of the ending inventory

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Question - In its first month of operations, Sheffield Company made three purchases of merchandise in the following sequence: (1) 310 units at $6, (2) 420 units at $7, and (3) 220 units at $8.

Assuming there are 400 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Sheffield uses a periodic inventory system.

Reference no: EM133131687

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