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Calculate cost of goods sold and ending inventory under each of the following methods given the...

Calculate cost of goods sold and ending inventory under each of the following methods given the following information about purchases and sales during the year.

Jan. 1           Beginning Inventory       300 units @ $3

Jan. 5           Sales                                      100 units

Jan. 15        Purchases                           400 units @ $4

Jan. 20        Sales                                      200 units

a. FIFO.

b. LIFO.

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