n its first month of operations, Weatherall Company made three purchases of merchandise in the following sequence:
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Question:
n its first month of operations, Weatherall Company made three purchases of merchandise in the following sequence: (1)120units at $6, (2)440units at $7, and (3)100units at $8.
Assuming there are340units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Weatherall uses a periodic inventory system.
FIFO
LIFO
Cost of the ending inventory$
$
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