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Pure Cure is a herbal shop specializing in vitamins and essential oils. The company began carrying a new vitamin, Synergy, in September. The following information
Pure Cure is a herbal shop specializing in vitamins and essential oils. The company began carrying a new vitamin, Synergy, in September. The following information was compiled for Synergy during the month of September: September 1 purchase 65 bottles at $6 each September 15 purchase 55 bottles at $8 each September 29 purchase 44 bottles at $10 each At month end, a physical inventory count revealed that 70 bottles of Synergy remained in ending inventory. Which of the following statements is correct? 94 bottles of Synergy were sold during the month. Under LIFO, the cost of goods sold reported for the month was $840. Assuming the company uses FIFO, the ending inventory reported on the balance sheet was $648. In a period of rising purchase prices, FIFO would result in a higher ending inventory value than LIFO. All of the above statements are correct
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