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Inventory Method Calculations

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See attached file for better format.

Complete parts a, b, c, and d on a separate Excel spreadsheet as directed on the Problem Set 2 directions. Show all your work.
Transactions for the month of June were:
Purchases Sales
1-Jun (balance)800@$3.20 2-Jun 600@$5.50
3 2,200@$3.10 6 1,600@$5.50
7 1,200@$3.30 9 1,000@$5.50
15 1,800@$3.40 10 400@$6.00
22 500@$3.50 18 1,400@$6.00
25 200@$6.00

A) Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is
B) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is
C) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is
D) Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is

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Solution Summary

This posting answers the following questions:

A) Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is:
B) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is:
C) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is:
D) Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is:

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