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Question - Aston Corporation reported sales of $1,400,000 for the year. In addition, the company's accounts receivable balance grew from $120,000 at the beginning of the year to $170,000 at the end of the year. How much cash did Aston collect from customers during the year?
a. $1,150,000
b. $1,350,000
c. $1,400,000
d. $1,200,000
Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO
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