In its first month of operations, Moncada Company made three purchases of merchandise in the following sequence:

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In its first month of operations, Moncada Company made three purchases of merchandise in the following sequence: 

(1) 200 units at \(\$ 7\), 

(2) 300 units at \(\$ 8\), 

(3) 150 units at \(\$ 9\). 

Assuming there are 220 units on hand, compute the cost of the ending inventory under the

(a) FIFO method

(b) LIFO method. Moncada use a periodic inventory system.

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Financial Accounting Tools For Business Decision Making

ISBN: 9781119791089

10th Edition

Authors: Paul D. Kimmel,  Jerry J. Weygandt,  Jill E. Mitchell

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