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QUESTION
In its first month of operations, Quirk Company made three purchases of merchandise in the following sequence: (1) 362 units at $7, (2) 482 units at...
In its first month of operations, Quirk Company made three purchases of merchandise in the following sequence: (1) 362 units at $7, (2) 482 units at $8, and (3) 241 units at $10. Assuming there are 434 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Quirk uses a periodic inventory system.
