Question: The following information is for the Blue Devil Inc during its fiscal year ended on December 31, 2020. The company uses the LIFO inventory costing

The following information is for the Blue Devil Inc during its fiscal year ended on December 31, 2020. The company uses theLIFOinventory costing method and sells just one product.

Date

Unit

Unit Cost

Beginning Inventory

January 1

200

$10

Purchase

March 11

400

$12

Sales

July 1

500

Purchase

October 18

600

$15

Sales

December 1

350

Required:

Calculate the value of ending inventory and cost of goods sold for fiscal year 2020, using thePeriodicinventory system Please show your calculation steps.

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