What was ending inventory using the average cost flow

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Question - AB Corporation has provided the following information about one of its inventory items:

Date Transaction Number of Units Cost per Unit

1/1 Beginning Inventory 580 $2,250

6/6 Purchase 870 $4,050

9/10 Purchase 1,290 $5,350

11/15 Purchase 930 $5,550

1) If During the year, RJ sold 2,920 units.

What was ending inventory using the average cost flow assumption under a periodic inventory system?

2) If During the year, RJ sold 3,300 units.

What was ending inventory using the LIFO cost flow assumption under a periodic inventory system?

Reference no: EM132769914

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