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In its first month of operations, Whispering Winds Corp. made three purchases of merchandise in the following sequence: (1) 245 units at $7,(2)490 units at
In its first month of operations, Whispering Winds Corp. made three purchases of merchandise in the following sequence: (1) 245 units at $7,(2)490 units at $8, and (3) 445 units at $9. Assuming there are 190 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Whispering Winds uses a periodic inventory system
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