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In its first month of operations, Cullumber Company made three purchases of merchandise in the following sequence: (1) 200 units at $5, (2) 400 units
In its first month of operations, Cullumber Company made three purchases of merchandise in the following sequence: (1) 200 units at $5, (2) 400 units at $6, and (3) 400 units at $7. Assuming there are 100 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Cullumber uses a periodic inventory system
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