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Calculate value of ending inventory and cost of goods sold

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Reference no: EM132921071

Question - The following information is for the Blue Devil Inc during its fiscal year ended on December 31, 2020. The company uses the LIFO inventory costing method and sells just one product.

Date Unit Unit Cost

Beginning Inventory January 1 200 $10

Purchase March 11 400 $12

Sales July 1 500

Purchase October 18 600 $15

Sales December 1 350

Required - Calculate the value of ending inventory and cost of goods sold for fiscal year 2020, using the Periodic inventory system Please show your calculation steps.

Reference no: EM132921071

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