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MetaNote: Answer questions ( 1 8 ) ( 2 0 ) based on the following information: Beginning inv. 0 units $ 0 Purchases ( in

MetaNote: Answer questions (18)(20) based on the following information:
Beginning inv. 0 units $ 0
Purchases (in units):
6/210 units @ $100= $ 1,000
6/810 units @ $120= $ 1,200
Goods available: 20 units $ 2,200
Units sold: 15 units
18) What is Cost of Goods Sold under the FIFO method of inventory?
a) $1,500
b) $1,600
c) $1,700
d) $1,800
19) What is Cost of Goods Sold under the LIFO method of inventory?
a) $1,500
b) $1,600
c) $1,700
d) $1,800
20) What is the cost of ending inventory under the average cost method of inventory?
a) $1,000
b) $ 600
c) $ 500
d) $ 550

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