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In its first month of operations, Pronghorn Company made three purchases of merchandise in the following sequence: (1) 190 units at $4, (2) 290 units
In its first month of operations, Pronghorn Company made three purchases of merchandise in the following sequence: (1) 190 units at $4, (2) 290 units at $6, and (3) 400 units at $10. Assuming there are 245 units on hand. Compute the cost of the ending inventory under the FIFO method and the LIFO method. Pronghorn uses a periodic inventory system. FIFO ta LIFO TA
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