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Compute the ending inventory and the cost of goods sold

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Reference no: EM131796594

Question - FIFO and LIFO inventory methods

During June, the following changes in inventory item BSD took place:

Purchases

June 1 (balance) 3200 @ $3.10

June 6 3300 @ $3.20

June 24 3500 @ $3.30

Sales

June 4 2000 @ $7.50

June 18 3350 @ 8.00

June 25 3100 @ 8.00

Instructions: What is the ending inventory and the cost of goods sold for item BSD under the following methods?

A. FIFO.

B. LIFO.

C. Average Cost.

Reference no: EM131796594

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