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Question - Metro Computer Company had the following balances and transactions during 2016:
Beginning inventory 210 units at $72
10 March Sold 70 units
10 June Purchased 630 units at $80
30 October Sold 175 units
Required - What would the company's ending inventory amount be on 31 December 2016 if the perpetual last-in, first-out costing method is used?
Identify the three primary advantages and three primary disadvantages of using the costing method (LIFO, FIFO, and weighted average) that is used to record inventory.
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