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The following information regarding inventory transactions is available for the month of May.
Date Number Unit Total
Type of Event of Units Cost Cost
May1 BeginningInventory 100 $12 $1,200
3 Purchase 50 14 700
12 Sale 70
15 Sale 60
20 Purchase 100 15 1,500
28 Sale 60
Determine the correct balances at May 31 for Merchandise Inventory and Cost of Goods Sold under each of the following inventory methods: (a) periodic FIFO (b) periodic LIFO (c)weighted-average.
Post the transactions to T accounts and complete the following information.
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