The Cardoza Products Company's inventory record appears below.

The company uses a LIFO cost flow assumption. It reported ending inventories as follows for its first 3 years of operations:

Determine if the Cardoza Products Company has reported its inventory correctly.
Assuming that 2002 accounts are not yet closed, make any necessary correcting entries.

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Purchases Sales Quantity Unit Cost Quantity 2000 9,000 $5.60 6,500 2001 9,500 5.75 10,000 2002 7,200 5.82 6,000