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Periodic and Perpetual Systems-Calculating Ending Inventory and Cost of Sales Using FIFO and LIFO The inventory records of Cyrus Inc. showed the following data for its merchandise inventory. Compute cost of goods sold and ending inventory for the month ending June 30 using: a. FIFO (periodic inventory system). b. LIFO (periodic inventory system). c. FIFO (perpetual inventory system). d. LIFO (perpetual inventory system). a. FIFO (periodic inventory system). - Note: Do not use negative signs with any of your answers. Compute cost of goods sold and ending inventory for the month ending June 30 using: a. FIFO (periodic inventory system). b. LIFO (periodic inventory system). c. FIFO (perpetual inventory system). d. LIFO (perpetual inventory system). b. LIFO (periodic inventory system). - Note: Do not use negative signs with any of your answers. Compute cost of goods sold and ending inventory for the month ending June 30 using: a. FIFO (periodic inventory system). b. LIFO (periodic inventory system). c. FIFO (perpetual inventory system). d. LIFO (perpetual inventory system). c. FIFO (perpetual inventory system). -Note: Do not use negative signs with any of your answers. -Note: On each date, list the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first. Compute cost of goods sold and ending inventory for the month ending June 30 using: a. FIFO (periodic inventory system). b. LIFO (periodic inventory system). c. FIFO (perpetual inventory system). d. LIFO (perpetual inventory system). d. LIFO (perpetual inventory system). - Note: Do not use negative signs with any of your answers. - Note: On each date, list the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first

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