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The Following Units Are Available for Sale During the Year

Question 3

Essay

The following units are available for sale during the year:  January 1  Beginning Inventory 10 units at $18 each  April 3 Purchase 30 units at $20 each  August 31 Purchase 28 units at $25 each  September 29 Purchase 17 units at $30 each  December 31 Ending Inventory 21 units \begin{array}{lll}\text { January 1 } & \text { Beginning Inventory } & 10 \text { units at } \$ 18 \text { each } \\\text { April } 3 & \text { Purchase } & 30 \text { units at } \$ 20 \text { each } \\\text { August } 31 & \text { Purchase } & 28 \text { units at } \$ 25 \text { each } \\\text { September } 29 & \text { Purchase } & 17 \text { units at } \$ 30 \text { each } \\\text { December } 31 & \text { Ending Inventory } & 21 \text { units }\end{array} Determine ending inventory cost by (a) FIFO method, (b) LIFO method, and (c) average cost method.

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