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Assume B&E Toys store bought and sold a line of dolls during December as follows:+ Dec. 1 Beginning merchandise inventory 13 units @ $
Assume B&E Toys store bought and sold a line of dolls during December as follows:+ Dec. 1 Beginning merchandise inventory 13 units @ $ 9 each 8 Sale 14 Purchase 9 units @ $ 21 each 17 units @ $ 14 each 21 Sale 14 units @ $ 21 each Compute the cost of goods sold, cost of ending merchandise inventory and gross profit using the FIFO inventory costing method. < b Compute the cost of goods sold, cost of ending merchandise inventory and gross profit using the LIFO inventory costing method. < Which method results in a higher cost of goods sold? d Which method results in a higher cost of ending merchandise inventory?+
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