Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory.
Using the FIFO method, calculate Jessie’s inventory on December 31 and its cost of goods sold for December.
RE7-11 Using the information from RE7-10, calculate Jessie Stores’s inventory on December 31 and its cost of goods sold for December using the LIFO method.
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