Compute the cost of the ending inventory under the fifo, Accounting Basics

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Compute the cost of the ending inventory under the fifo

In its first month of operations, Giffin Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there are 200 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Giffin uses a periodic inventory system.

		FIFO		LIFO
The Ending Inventory		$		$

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Accounting Basics: Compute the cost of the ending inventory under the fifo

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Accounting Basics: Compute the cost of the ending inventory under the fifo

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