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Compute the ending inventory under LIFO

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Question - Sheffield Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory was 3 sets at $640 each. On January 10, Sheffield purchased 6 units at $680 each. The company sold 2 units on January 8 and 5 units on January 15.

Required -

1. Compute the ending inventory under FIFO.

2. Compute the ending inventory under LIFO.

Reference no: EM132665280

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