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I am working on a problem that involves using FIFO, LIFO and average cost. I tried practicing the FIFO method and still get it wrong.
I am working on a problem that involves using FIFO, LIFO and average cost. I tried practicing the FIFO method and still get it wrong. the problem states: the following information pertains to Mason company for 2018
beginning inventory | 120 units | $40 |
units purchased | 330 units | $44 |
ending inventory consisted of 70 units. Mason sold 380 units at $88 each. All purchases and sales were made with cash. operating expenses amounted to $3100.
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