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Carla Vista Company uses the periodic inventory method and had the following inventory information available:
1/1Beginning Inventory 118 $8 $944
1/20Purchase 472 $94,248
7/25Purchase 236 $102,360
10/20Purchase 354 $113,894
1,180 $11,446
A physical count of inventory on December 31 revealed that there were 570 units on hand.
Problem 1: Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is$
Problem 2: Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is$
Problem 3: Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is$
Problem 4: Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method.
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