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Long Company had the following inventory information for the year ending December 31: On December 31, Long Company had an ending inventory of 70 units.
Long Company had the following inventory information for the year ending December 31: On December 31, Long Company had an ending inventory of 70 units. They use a periodic inventory system to compute the cost of ending inventory. Required: Using FIFO: (a) Compute the cost of ending inventory (b) Compute the cost of goods sold Cost of ending inventory: $ Cost of goods sold: $
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