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Given the below information, what are the values for COGS and ending inventory for each costing method below?
Number of Units
Price per Unit
Beginning inventory
10
2
Purchases
20
3
Sales
15
Ending inventory
Goods Available for
Sale
COGS
Ending Inventory
FIFO
20 + 60 = 80
LIFO
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annual usage rs 160000@ 40 per unit, cost of placing and receiving one order rs 200:annual carrying cost ; 25% of inventory value
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