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Given the following information about purchases and sales during the year,compute the cost to be assigned to ending inventory under each of three methods: (a)average-cost, (b)FIFO,and (c)LIFO.(Show your work. ) Assume that a periodic inventory system is used. Given the following information about purchases and sales during the year,compute the cost to be assigned to ending inventory under each of three methods: (a)average-cost, (b)FIFO,and (c)LIFO.(Show your work. ) Assume that a periodic inventory system is used.

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a.Average-cost: $2,362.50 [($4...

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A retail store has beginning inventory of $30,000,purchases of $220,000,sales of $200,000,and a normal gross margin of 25 percent.What is estimated inventory based on these facts and the gross profit method?


A) $50,000
B) $150,000
C) $100,000
D) $200,000

E) B) and C)
F) None of the above

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