Baskets Inc uses the LIFO inventory valuation method They opened for business on June 1, 2021 and reported the following purchases and sales during the first part of June Units Cost Total June 1 purchase 100 $8 00 $800 June 6 purchase 120 8 05 966 June 8 purchase 150 8 10 1,215 June 10 sale 180 Calculate the value of ending inventory under FIFO after the sale on June 10 Calculate the value of ending inventory under LIFO after the sale on June 10

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Question: Baskets Inc. uses the LIFO inventory valuation method. They opened for business on June 1, 2021 and reported the following purchases and sales during the

Baskets Inc. uses the LIFO inventory valuation method. They opened for business on June 1, 2021 and reported the following purchases and sales during the first part of June.

	Units	Cost	Total
June 1 purchase	100	$8.00	$800
June 6 purchase	120	8.05	966
June 8 purchase	150	8.10	1,215
June 10 sale	180

Calculate the value of ending inventory under FIFO after the sale on June 10.
Calculate the value of ending inventory under LIFO after the sale on June 10.

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