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Cowboy Ice Cream Company (CIC) had the following purchases of ice cream bars for Year 1 of operations: Jan. 20 Purchased Apr. 21 Purchased July

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Cowboy Ice Cream Company (CIC) had the following purchases of ice cream bars for Year 1 of operations: Jan. 20 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased e 330 units 80 units 210 units 60 units $10 - $3,300 $11 - 880 $13 - 2,730 $14 - 840 e 12 During the year, CIC sold 520 ice cream bars for $19 each. Required a. Compute the amount of ending inventory CIC would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Complete this question by entering your answers in the tabs below. Required A Required B

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