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Chapter 6 Question 3 of 16 -1 Current Attempt in Progress ...

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Accounting

Chapter 6
Question 3 of 16
-1
Current Attempt in Progress
In its first month of operations, Oriole Company made three purchases of merchandise in the following sequence: (1)250 units at $6,(2)350 units at $8, and (3)450 units at $9. Assuming there are 150 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Oriole uses a periodic inventory system.
FIFO
LIFO
Ending inventory
$ $
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