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Kiner Co. has the following data related to an item of inventory:

Inventory, March 1 100 units @ $4.20
Purchase, March 7 350 units @ $4.40
Purchase, March 16 70 units @ $4.50
Inventory, March 31 130 units

(a) What is the value assigned to ending inventory if Kiner uses LIFO?
(b) What is the value assigned to cost of goods sold if Kiner uses FIFO?

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This solution is comprised of a detailed explanation to answer what is the value assigned to ending inventory if Kiner uses LIFO.

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Kiner Co. has the following data related to an item of inventory:

Inventory, March 1 100 units @ $4.20
Purchase, March 7 350 units @ $4.40
Purchase, March 16 70 units @ $4.50 ...

Purchase this Solution
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