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what is the lifo and fifo for this? Big Red Inc, uses a perpetual inventory system. Information regarding their purchases and sales of inventory for

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Big Red Inc, uses a perpetual inventory system. Information regarding their purchases and sales of inventory for the year is as follows: Jan 1 Balance on hand, 300 chairs @ $6 each Feb 4 Purchase 200 units @ $5 each March 8 Sell 450 units for $25 each June 8 Purchase 400 units @ $4 each Dec 3 Sell 250 units for $10 each Using the above information, calculate Big Red's Ending Inventory Cost and Cost of Goods Sold assuming: 1. A LIFO cost-flow assumption (8 points)

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