Question: Answer the following questions for a company using the perpetual inventory system, using the information given below: UNITS Unit Cost Aug 1 Beginning Inventory 200

Answer the following questions for a company using the perpetual inventory system, using the information given below:

UNITS Unit Cost
Aug 1 Beginning Inventory 200 $10
Aug 5 Purchase 40 $13
Aug 10 Sale 60 ?
Aug 15 Purchase 70 $14
Aug 25 Sale 50 ?

1) What was the total value of Ending Inventory, assuming the company used FIFO?

2) What was the total value of Ending Inventory, assuming the company used LIFO?

3) What was the total value of Ending Inventory, assuming the company used AVERAGE COST? (round per-unit cost to the nearest penny)

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