In its first month of operations, Sheffield Company made three purchases of merchandise in the...
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Accounting
In its first month of operations, Sheffield Company made three purchases of merchandise in the following sequence: (1) 310 units at $6, (2) 420 units at $7, and (3) 220 units at $8. Assuming there are 360 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Sheffield uses a periodic inventory system.
| FIFO | LIFO | |||
| Cost of the ending inventory | $ | $ |
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