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Solo Transports operates under a perpetual inventory system. It began operations on March 1, 2015, and...

Solo Transports operates under a perpetual inventory system. It began operations on March 1, 2015, and had the following transactions affecting inventory during March 2015. March 1 Purchase 400 units @ $5.00 $2,000 March 5 Sale 160 units March 10 Purchase 340 units @ $5.15 $1,751 March 15 Sale 360 units March 20 Purchase 450 units @ $5.30 $2,385 March 25 Sale 280 units Referring to Solo’s information in the table above, determine the cost of goods sold for the month of March 2015 and the ending inventory balance (in dollars) at March 31, 2015. Assume FIFO first and then re-do the problem assuming the company uses LIFO.

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FIFO

LIFO

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