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Question - The following units of an inventory item were available for sale during the year:
Beginning inventory 10 units at $50
First purchase 25 units at $55
Second purchase 30 units at $60
Third purchase 15 units at $65
The firm uses the periodic inventory system. During the year, 60 units of the item were sold.
Required -
1. What is the Ending Inventory, FIFO?
2. What is the Ending Inventory, LIFO?
3. What is the Ending Inventory, Average Cost?
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