Question: Assume that Midway Cycles bought and sold a line of

Assume that Midway Cycles bought and sold a line of mountain bikes during May as follows:
Midway Cycles uses the perpetual inventory system.
Requirements
1. Compute the cost of ending inventory under FIFO.
2. Compute the cost of ending inventory under average cost.
3. Which method results in higher cost of ending inventory?

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  • CreatedJuly 08, 2015
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