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The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 3 0
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory:
July Beginning inventory units @ $ per unit
Purchased
units @ $ per unit
Sold
units
Purchased
units @ $ per unit
Using FIFO, the company's Cost of goods sold is and Cost of ending inventory is
Using LIFO, the company's Cost of goods sold is and Cost of ending inventory is
Using weightedaverage cost, the company's Cost of goods sold is and Cost of ending inventory i
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