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Posted:
March 7th, 2014
The units of an item available for sale during the year
The units of an
item available
for sale during the year were as follows:
There are 23 units of the item in the
physical inventory
at December 31. The
periodic inventory
system is used. Determine the
inventory cost using
(a) The first-in, first-out (FIFO) method;
(b) The last-in, first-out (LIFO) method; and
(c) The
average costmethod
.
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