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Use the following information regarding Tiara Corp. to answer Questions 1 to 3 : Quarter Units held / purchased Unit cost ( $ ) Total
Use the following information regarding Tiara Corp. to answer Questions to :
Quarter Units heldpurchased Unit cost $ Total cost $
Opening inventory
Total
Given that Tiara sold and units in the four quarters respectively, answer the following questions:
Determine ending inventory if the company uses LIFO cost flow assumption.
Determine cost of goods sold if the company uses FIFO cost flow assumption.
Determine ending inventory if the company uses the weighted average cost flow assumption
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