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Required information [The following information applies to the questions displayed below.) Causwell Company began 2021...

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Accounting

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Required information [The following information applies to the questions displayed below.) Causwell Company began 2021 with 21000 units of inventory on hand. The cost of each unit was $5.00. During 2021 an additional 36,000 units were purchased at a single unit cost, and 31,000 units remained on hand at the end of 2021 (26,000 units therefore were sold during 2021). Causwell uses a periodic inventory system. Cost of goods sold for 2021. applying the average cost method, is $161,200. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used. Required: 1. Determine the cost of goods sold for 2021 using the FIFO method. (Hint: Determine the cost per unit of 2021 purchases.) (Do not round intermediate calculations.) FIFO cost of goods sold Required: 2. Determine the cost of goods sold for 2021 using the LIFO method. (Do not round intermediate calculations.) LIFO cost of goods sold

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