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MusicYear specializes in sound equipment. Company records indicate the following data for a line of...

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Accounting

MusicYear specializes in sound equipment. Company records indicate the following data for a line of speakers:

Determine the amounts that MusicYear should report for cost of goods sold and ending inventory two ways:

a) FIFO b)LIFO

Start by determining the amounts that MusicYear should report for cost of goods sold and ending inventory under

a) FIFO

FIFO method cost of goods sold=

FIFO method ending inventory=

image

Data table

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