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What is the cost of the ending inventory

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Reference no: EM132524253

Question - FIFO and LIFO inventory methods

During June, the following changes in inventory item 27 took place:

June 1 Balance 1,400 units @ $24

June 14 Purchased 800 units @ $36

June 24 Purchased 700 units @ $30

June 8 Sold 400 units @ $50

June 10 Sold 1,000 units @ $40

June 29 Sold 500 units @ $44

Perpetual inventories are maintained.

Instructions - What is the cost of the ending inventory and cost of goods sold under the following methods:

(a) FIFO.

(b) LIFO.

Reference no: EM132524253

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