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What is the total cost of the ending inventory

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Reference no: EM131872626

Problem - The following units of a particular item were available for sale during the year:

Beginning inventory       180 units at $ 80

Sale                              120 units at $ 125

First purchase                400 units at $ 82

Sale                              300 units at $ 125

Second purchase            300 units at $ 84

Sale                              275 units at $ 125

The firm uses the perpetual inventory system, and there are 185 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (a) FIFO, (b) LIFO?

Reference no: EM131872626

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