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The following is a record of Kingbird Company's transactions for Boston Teapots for the month of May 2025. May 1 Balance 484 units @ $19.00
The following is a record of Kingbird Company's transactions for Boston Teapots for the month of May 2025.
May 1 Balance 484 units @ $19.00
May 12 Purchase 726 units @ $27.00
May 28 Purchase 484 units @$30.00
May 10 Sale 363 units @ $37.00
May 20 Sale 653 units @ $37.00
Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 678 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?
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Auditing That Matters Case Studies Discussion Guide
Authors: Norman Marks
1st Edition
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