The units of an item available for sale during the year were as follows:? There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost by
(a) the first-in, first-out method,
(b) the last-in, first-out method, and
(c) the average cost method. Show your work.
Correct Answer:
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(b)
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