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Brake Company utilizes the perpetual inventory method. Inventory information for Part # AB124 revealed the following for the month of May:
May 1
Balance 245 units @ $8
May 10
Sold 210 @ $23.50
May 11
Purchased 800 units @ $9.50
May 16
Sold 300 @ $23
May 20
Purchased 770 units @ $11
May 26
Sold 350 @ $24.50
Required: Determine the value of ending inventory and gross profit under each of the following methods:
(a)LIFO
(b)FIFO
(c)Average Cost
identify what are some of common parts of each of these annual reports. Also, go into a little detail and give your opinion as to what is different between these two reports.
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