In its first month of operations mclanie company made three, Accounting Basics

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In its first month of operations mclanie company made three

Question: In its first month of operations, McLanie 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. McLanie uses a periodic inventory system.

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Accounting Basics: In its first month of operations mclanie company made three

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