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PROBLEM NO 2: LIFO/FIFO Inventory. Brooklyn Corporation had the following transactions relating to product X during September DATE UNITS UNIT COSTS SEPTEMBER 1 Balance
PROBLEM NO 2: LIFO/FIFO Inventory. Brooklyn Corporation had the following transactions relating to product X during September DATE UNITS UNIT COSTS SEPTEMBER 1 Balance on hand 600 $1.50 6 Purchase 200 -2.00 900 900 12 Sale 400 13 Sale 100 18 Purchase 250 -3.00 20 Purchase 150 -3.50 25 Sale 300 a (A) Determine the value of Periodic ending inventory under each of the following costing methods: (B) Determine the number of units in Periodic ending inventory under each of the following costing methods: Show your calculations. FIFO (A) (B) LIFO (A)(B) 1 1 " a
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