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In its first month of operations, Bridgeport Company made three purchases of merchandise in the...

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Accounting

In its first month of operations, Bridgeport Company made three purchases of merchandise in the following sequence: (1) 185 units at $4, (2) 300 units at $5, and (3) 380 units at $10. Assuming there are 225 units on hand.

Compute the cost of the ending inventory under the FIFO method and the LIFO method. Bridgeport uses a periodic inventory system.

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