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MNO Company had 20 barrels of special silicon lubricating oil in inventory on January 1, 2016 valued at $80 per barrel. It purchased 30 more

MNO Company had 20 barrels of special silicon lubricating oil in inventory

on January 1, 2016 valued at $80 per barrel. It purchased 30 more barrels on March 1 for $85 per barrel and yet another 40 barrels on May 5 for $90 per barrel. What was MNOs total cost of goods available for sale on May 6? If MNO had only one sale of the special lubricating oil for 50 barrels on June 30 for the entire year what would the ending inventory value and cost of goods sold be in 2016 for this product using the average cost, FIFO and LIFO inventory valuation methods?

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