Essay
In the first month of operations Mordica Company made three purchases of merchandise in the following sequence: (1) 200 units at $6 (2) 300 units at $7 and (3) 400 units at $9. Assuming there are 300 units on hand compute the cost of the ending inventory under (1) the FIFO method and (2) the LIFO method. Mordica uses a periodic inventory system.
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