Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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
Transcribed Image Text:Assume your organization has the following inventory changes during the
year:
Beginning Inventory 19 units valued at $16,000 each
February purchases 16 units at $15,500 each
June purchases
Total Units Used
18 units at $12,900 each
49
Calculate the value of the ending inventory and the value of the inventory
used (the inventory expense) for the year using both the FIFO and the LIFO
method of cost-flow.
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