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Bears, Inc, began the year with merchandise inventory of 50 sofas that each cost $500. During January, Bears purchased and sold merchandise on account as

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Bears, Inc, began the year with merchandise inventory of 50 sofas that each cost $500. During January, Bears purchased and sold merchandise on account as follows: Determine the COGS sold and ending inventory values under FIFO. LIFO and weighted-average (round to 2 decimals). Additionally, determine the inventory method with the highest and lowest COGS as well as the highest and lowest value of ending inventory. You will need to prepare a perpetual inventory chart for this problem (see text exhibits 5.5, 5.6 and 5.7 for examples)

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