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Egipciaco Corp. uses the periodic inventory system. During its first year of operations, Egipciaco made the following purchases (listed in chronological order of acquisition): 50
Egipciaco Corp. uses the periodic inventory system. During its first year of operations, Egipciaco made the following purchases (listed in chronological order of acquisition):
50 units at $200 100 units at $280 190 units at $300 Sales for the year totaled 270 units, leaving 70 units on hand at the end of the year.
1.Ending inventory and Cost of Goods Sold using theaverage cost method (rounded) is:
2.Ending inventory and Cost of Goods Soldusing the FIFO method is:
3.Ending inventory and Cost of Goods Soldusing the LIFO method is:
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