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Aiello, Inc. had the following inventory in fiscal 2016. Compute the company's ending inventory for fiscal 2016 assuming the company used a) FIFO and b)
Aiello, Inc. had the following inventory in fiscal 2016. Compute the company's ending inventory for fiscal 2016 assuming the company used a) FIFO and b) LIFO methods of accounting for inventory: Beginning Inventory, January 1, 2016: 1,000 units @ $15.00 Purchase 900 units @ $18.00 Purchase 200 units @ $13.50 Purchase 100 units @ $15.75 Sold 2,132 units in fiscal 2016 at $35 per unit. a) Ending Inventory under FIFO = b) Ending Inventory under LIFO =
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