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Problem - Causwell Company began 2018 with 21,000 units of inventory on hand. The cost of each unit was $5.00. During 2018 an additional 36,000 units were purchased at a single unit cost, and 31,000 units remained on hand at the end of 2018 (26,000 units therefore were sold during 2018). Causwell uses a periodic inventory system. Cost of goods sold for 2018, applying the average cost method, is $161,200. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.
Required -
1. Determine the cost of goods sold for 2018 using the FIFO method. [Hint: Determine the cost per unit of 2018 purchases.]
2. Determine the cost of goods sold for 2018 using the LIFO method. (Do not round intermediate calculations.)
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