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A company purchased two identical inventory items. Item 101 was purchased in October for $100....

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Question

Accounting

A company purchased two identical inventory items. Item 101 was purchased in October for $100. Item 102 was purchased in November for $110. Assuming the item purchased in October was sold, which cost flow method will report the lowest inventory balance on the balance sheet?
Multiple choice question.
Weighted-average
LIFO
FIFO
The balance will be the same under both LIFO and FIFO.

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