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Baskets Inc. uses the LIFO inventory valuation method. They opened for business on June 1,...

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Accounting

Baskets Inc. uses the LIFO inventory valuation method. They opened for business on June 1, 2021 and reported the following purchases and sales during the first part of June.

Units Cost Total
June 1 purchase 100 $8.00 $800
June 6 purchase 120 8.05 966
June 8 purchase 150 8.10 1,215
June 10 sale 180
  1. Calculate the value of ending inventory under FIFO after the sale on June 10.
  2. Calculate the value of ending inventory under LIFO after the sale on June 10.

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