Reference no: EM132796925
Question - AB Corporation has provided the following information about one of its inventory items:
Date Transaction Number of Units Cost per Unit
1/1 Beginning Inventory 580 $2,250
6/6 Purchase 870 $4,050
9/10 Purchase 1,290 $5,350
11/15 Purchase 930 $5,550
1) If During the year, RJ sold 2,920 units.
What was ending inventory using the average cost flow assumption under a periodic inventory system?
2) If During the year, RJ sold 3,300 units.
What was ending inventory using the LIFO cost flow assumption under a periodic inventory system?
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