Question: Current Attempt in Progress In its first month of operations, Blue Spruce Corp. made three purchases of merchandise in the following sequence: (1) 350

Corp. made three purchases of merchandise in the following sequence: (1) 350

Current Attempt in Progress In its first month of operations, Blue Spruce Corp. made three purchases of merchandise in the following sequence: (1) 350 units at $7. (2) 450 units at $9, and (3) 550 units at $10. Assuming there are 250 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Blue Spruce Corp. uses a periodic inventory system. In its first month of operations, Crane Company made three purchases of merchandise in the following sequence: (1) 380 units at $7, (2) 480 units at $9, and (3) 580 units at $10.

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