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

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Accounting

In its first month of operations, Crane Company made three purchases of merchandise in the following sequence: (1)240 units at $6,(2)340 units at $8, and (3)440 units at $9. Assuming there are 140 units on hand at the end of the period, compute the cost ending inventory under (a) the FIFO method and (b) the LIFO method. Crane uses a periodic inventory system.
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