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The following information is available for Flip Company: Beginning inventory..600 units at $4 First purchase...900 units at $6 Second purchase...500 units at $7.20 Assume that

The following information is available for Flip Company:

Beginning inventory………………..600 units at $4

First purchase………………………...900 units at $6

Second purchase………………...500 units at $7.20

Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month.

Instructions: Compute the cost of ending inventory and Cost of Goods Sold under the

(a) LIFO method.

(b) FIFO method.

(c) Average-cost method

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