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In its first month of operations, Vaughn Company made three purchases of merchandise in the following sequence: (1) 330 units at $8. (2) 450 units at $9, and (3) 230 units at $10. Assuming there are 410 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Vaughn uses a periodic inventory system. Cost of the ending inventory $ FIFO $ LIFO

In its first month of operations, Vaughn Company made three purchases of merchandise in the following sequence: (1) 330 units at $8. (2) 450 units at $9, and (3) 230 units at $10. Assuming there are 410 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Vaughn uses a periodic inventory system. Cost of the ending inventory $ FIFO $ LIFO

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In its first month of operations, Vaughn Company made three purchases of merchandise in the following sequence: (1) 330 units at $8. (2) 450 units at $9, and (3) 230 units at $10. Assuming there are 410 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Vaughn uses a periodic inventory system. Cost of the ending inventory $ FIFO $ LIFO
Transcribed Image Text:In its first month of operations, Vaughn Company made three purchases of merchandise in the following sequence: (1) 330 units at $8. (2) 450 units at $9, and (3) 230 units at $10. Assuming there are 410 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Vaughn uses a periodic inventory system. Cost of the ending inventory $ FIFO $ LIFO
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