Because the LIFO method assumes that the last units purchased were the first ones to be sold,

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Because the LIFO method assumes that the last units purchased were the first ones to be sold, the ending inventory is assumed to consist of any remaining units in beginning inventory, plus the earliest units purchased.

In Exhibit 9, the ending inventory was 600 units, and in the LIFO method these 600 units are assumed to be the (how many?) units in beginning inventory plus (how many?)

of the 300 units purchased on April .

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Essentials Of Accounting

ISBN: 9780273771463

11th International Edition

Authors: Leslie K. Breitner

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