In its first month of operations, Panther Company made
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In its first month of operations, Panther Company made three purchases of merchandise in the following sequence: 200 u
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In its first month of operations, Panther Company made three purchases of merchandise in the following sequence: 200 units at $8; 250 units at $7; and 300 units at $6. There are 400 units on hand at the end of the period. Panther uses a periodic inventory system. Calculate the cost of the ending inventory and cost of goods sold under (a) FIFO, and (b) average.
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