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Fryer Inc. earns much of its revenue from the sale of a single product. The...

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Question

Accounting

Fryer Inc. earns much of its revenue from the sale of a single product. The company uses a periodic inventory system. For the most recent year, the inventory quantities, purchases, and sales of this product were:

Required: Compute the cost of the December 31 Ending Inventory and the Cost of Goods Sold using:

a) FIFO

b) LIFO

c) Average Cost method

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