Define purchases of merchandise in the given sequence

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Reference no: EM131828008

Question: In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence:

(1) 300 units at $6,

(2) 400 units at $8, and

(3) 500 units at $9. Assuming there are 200 units on hand at the end of the period, compute the cost of the ending inventory under

(a) the FIFO method and

(b) the LIFO method. McLanie uses a periodic inventory system.

Reference no: EM131828008

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