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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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