Alliance Corporation uses a perpetual inventory system. During May, the following transactions occurred. ...
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Accounting
Alliance Corporation uses a perpetual inventory system. During May, the following transactions occurred.
| May 1 | Beginning Inventory | 100 units @ $20 each |
| May 4 | Purchase | 200 units @ $24 each |
| May 10 | Sale | 175 units |
| May 14 | Purchase | 150 units @ $26 each |
| May 20 | Sale | 100 units |
Find the Cost of Goods Sold and Ending Inventory using:
- FIFO
- LIFO
- Average Cost
(Round the average unit cost to 2 decimals. Round your final answers to zero decimals.)
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