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Valuation of Inventory using FIFO and LIFO methods.
All-Pages Book Company reports the following inventory transactions during the current month:
Date
Event
Number of Units
Unit Cost
Total Cost
1st
Beg. Inventory
200
$12
$2,400
8th
Purchase
600
14
8,400
13th
Sale
400
24th
16
3,200
30th
Required: Fill in the following table using the periodic inventory system approach:
FIFO
LIFO
Ending Inventory
Cost of Goods Sold
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