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DEF Company uses both LIFO (Last-In, First-Out) and FIFO (First-In, First-Out) methods for inventory valuation. Given the following inventory transactions for the month of January:
DEF Company uses both LIFO (Last-In, First-Out) and FIFO (First-In, First-Out) methods for inventory valuation. Given the following inventory transactions for the month of January:
- January 1: Beginning inventory - 100 units at $10 each
- January 10: Purchase - 200 units at $12 each
- January 20: Purchase - 150 units at $15 each
- January 25: Sale - 250 units Calculate the cost of goods sold and ending inventory using both LIFO and FIFO methods.
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