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Centennial Company sold 600 units of inventory at $20 per unit on account. The company uses the perpetual inventory system and the last-in, first-out (LIFO)
Centennial Company sold 600 units of inventory at $20 per unit on account. The company uses the perpetual inventory system and the last-in, first-out (LIFO) inventory costing system. The beginning inventory included 200 units at $9 per unit. The most recent purchases include 700 units at $12 per unit. The sale occurred after the last purchase. Compute the value of ending inventory and COGS using FIFO, LIFO and Average Cost Methods
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