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The following information is available for Yancey Company:
Beginning inventory
600 units at $4
First purchase
900 units at $6
Second purchase
500 units at $7.20
Assume that Yancey uses a periodic inventory system and that there are 700 units left at the end of the month.
Compute the cost of ending inventory under the FIFO method and the LIFO method.
FIFO $
LIFO $

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