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In its first month of operations, Lily Company made three purchases of merchandise in the...

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Accounting

In its first month of operations, Lily Company made three purchases of merchandise in the following sequence: (1) 300 units at $7, (2) 410 units at $8, and (3) 210 units at $9. Assuming there are 360 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Lily uses a periodic inventory system.

What is FIFO and LIFO Cost of the ending inventory?

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