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QUESTION

Beginning inventory, purchases and sales data for T-shirts are as follows:

Beginning inventory, purchases and sales data for T-shirts are as follows:24 units @ $10 26 units @ $12 18 units @ $15 Assuming the business maintains a periodic inventory system, calculate the cost of merchandise sold and ending inventory under the following assumptions:a. First-in, first-out:b. last in first outc. average method

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