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Following is the partial balance sheet of Babil Co. at Dec. 31, 2010 : Ine tollowing transactions of purchases and sales of year 2011: (amounts

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Following is the partial balance sheet of Babil Co. at Dec. 31, 2010 : Ine tollowing transactions of purchases and sales of year 2011: (amounts In Dina The Company used periodic system . Required : 1. Determine the cost of ending inventory using A : FIFO, and B : LIFO 2. Market price per unit at Dec. 31, 2011 was 23 . Under LIFO method, do you recommend any adjusting entry. 3. Prepare trading account under LIFO method

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