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

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Accounting

In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence:

(1) 300 units at $6, (2) 400 units at $8, and (3) 500 units at $9.

Assume there are 200 units on hand at the end of the period.

What is the ending inventory for FIFO and LIFO?

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