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urgent!! Assume the following purchases of inventory for ABC Company and use this information to answer questions 11through 13: Purchase # 1 2 3 4

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Assume the following purchases of inventory for ABC Company and use this information to answer questions 11through 13: Purchase # 1 2 3 4 5 Purchase Price $3 $4 $5 mi $6 $7 11. Assume ABC sells two items and uses the FIFO method of inventory valuation. What amount would appear in ending inventory on the balance sheet? a. $7 b. $15 c. $18 d. $25 12. Assume ABC sells three items and uses the LIFO method of inventory valuation. What amount would appear for cost of goods sold on the income statement? a. $18 b. $12 c. $15 d. $25 13. Assume ABC uses the average cost method of inventory valuation. What unit cost would be used to determine the amount in ending inventory or cost of goods sold? a. $3 b. $5 c. $7 d. $25

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