Question: Computers R Us uses a periodic inventory system and has the following transactions: January 1, purchased one computer for $500 January 10, purchased one computer

Computers R Us uses a periodic inventory system and has the following transactions:

January 1, purchased one computer for $500

January 10, purchased one computer for $600

January 30, sold the computer we purchased on January 1 (hint: when using a cost flow assumption, it does not matter which computer was sold).

If the company uses FIFO, what is COGS?

[ Choose ] 550 600 Cannot be determined 500

If the company uses LIFO, what is COGS?

[ Choose ] 550 600 Cannot be determined 500

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