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Alliance Corporation uses a perpetual inventory system. During May, the following transactions occurred. ...

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Accounting

Alliance Corporation uses a perpetual inventory system. During May, the following transactions occurred.

May 1 Beginning Inventory 100 units @ $20 each
May 4 Purchase 200 units @ $24 each
May 10 Sale 175 units
May 14 Purchase 150 units @ $26 each
May 20 Sale 100 units

Find the Cost of Goods Sold and Ending Inventory using:

  • FIFO
  • LIFO
  • Average Cost

(Round the average unit cost to 2 decimals. Round your final answers to zero decimals.)

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