Question: I am working on a problem that involves using FIFO, LIFO and average cost. I tried practicing the FIFO method and still get it wrong.

I am working on a problem that involves using FIFO, LIFO and average cost. I tried practicing the FIFO method and still get it wrong. the problem states: the following information pertains to Mason company for 2018

beginning inventory

120 units

$40

units purchased

330 units

$44

ending inventory consisted of 70 units. Mason sold 380 units at $88 each. All purchases and sales were made with cash. operating expenses amounted to $3100.

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