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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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I would like to know the solution on this one.
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Last in first out or LIFO LIFO is based upon the assumption such the stock purchased last is issued first. Stock valuation should here be based upon the prices ruling on acqui
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