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LIFO/FIFO for starting a business

Using the LIFO inventory method, the value of the ending inventory on June 30 (rounded to the nearest dollar) is
A) $1,073.
B) $1,305.
C) $2,895.
D) $3,128.

Using the FIFO inventory method, the amount allocated to cost of goods sold for June is
A) $1,305.
B) $2,545.
C) $2,895.
D) $3,128.

Using the average cost method, the amount allocated to the ending inventory on June 30 is
A) $4,200.
B) $3,000.
C) $1,150.
D) $1,200.

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Solution Summary

Solution contains valuation of inventory and calculation of cost of goods sold under LIFO,FIFO and average cost method.

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