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The Following Data Regarding Purchases and Sales of a Commodity

Question 71

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The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: Calculate the cost of the ending inventory at June 30, using a) the first-in, first-out FIFO) method and b) the last-in, first-out LIFO) method. Identify the quantity, unit price, and total cost of each lot in the inventory. Calculate the cost of the ending inventory at June 30, using a) the first-in, first-out FIFO) method and b) the last-in, first-out LIFO) method. Identify the quantity, unit price, and total cost of each lot in the inventory.

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