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XYZ Incorporated purchased the following merchandise items for resale: Nov 1: 10 units @ $105 each Nov 5: 15 units @ $110 each Nov 15:
XYZ Incorporated purchased the following merchandise items for resale:
Nov 1: 10 units @ $105 each Nov 5: 15 units @ $110 each Nov 15: 10 units @ $100 each Nov 27: 10 units @ $120 each |
If XYZ sells 25 items and utilizes the LIFO method of inventory valuation/costing. What amount would appear on the ending inventory balance at the end of the period?
If XYZ sells 30 items and utilizes the FIFO method of inventory valuation/costing. What amount would appear on the ending Cost of Goods Sold at the end of the period?
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