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Company ABC operates a retail store and follows both the FIFO and LIFO methods for inventory valuation. Given the following inventory transactions for the month

Company ABC operates a retail store and follows both the FIFO and LIFO methods for inventory valuation. Given the following inventory transactions for the month of June:

  • Beginning Inventory: 100 units at $10 per unit
  • Purchases:
    • June 5: 200 units at $12 per unit
    • June 15: 150 units at $15 per unit
  • Sales:
    • June 8: 150 units
    • June 20: 200 units Calculate the Cost of Goods Sold, Ending Inventory, and Gross Profit using both the FIFO and LIFO methods.

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