A company purchases a unit of inventory for $1.50 and then later purchases a second...
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Accounting
A company purchases a unit of inventory for $1.50 and then later purchases a second for $2.00. The company then sells one unit for $4.50. After the sale, the company purchases an additional unit for $2.50. The company uses a perpetual inventory system. Given these facts, which of the following is true?
Cost of goods sold under FIFO is $1.50
Ending Inventory under LIFO is $4.00
Cost of Goods sold under moving average is $1.75
All of the above are true
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