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During its first year of operations, Maine Corporation made the following inventory purchases and sales. Date Units Purchased/(Sold) Cost Per Unit Inventory Balance (in units)
During its first year of operations, Maine Corporation made the following inventory purchases and sales.
Date | Units Purchased/(Sold) | Cost Per Unit | Inventory Balance (in units) |
April 3 | 5,000 | $4.25 | 5,000 |
April 10 | 2,000 | $4.00 | 7,000 |
April 16 | (4,000) |
| 3,000 |
April 20 | 5,000 | $4.50 | 8,000 |
April 25 | 2,000 | $4.75 | 10,000 |
Calculate ending inventory and cost of goods sold using the 1) FIFO method under a periodic inventory system 2) FIFO method under a perpetual inventory system 3) LIFO method under a periodic inventory system and 4) LIFO method under a perpetual inventory system.
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