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In its first month of operations, Weatherall Company made three purchases of merchandise in the following sequence: (1) 100 units at $5, (2) 400 units

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In its first month of operations, Weatherall Company made three purchases of merchandise in the following sequence: (1) 100 units at $5, (2) 400 units at $6, and (3) 100 units at $7. Assuming there are 300 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Weatherall uses a periodic inventory system

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