The Following Information Is Available for Clancy Company Assume That Clancy Uses a Periodic Inventory System and That

question 74

Essay

The following information is available for Clancy Company: $\begin{array}{ll}\text { Beginning inventory } & 600 \text { units at } \$ 4 \\\text { First purchase } & 900 \text { units at } \$ 6.50 \\\text { Second purchase } & 500 \text { units at } \$ 7.20\end{array}$ Assume that Clancy uses a periodic inventory system and that there are 760 units left at the end of the month.
Instructions
Compute the cost of ending inventory under the
(a) FIFO method.
(b) LIFO method.

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Definitions:

Money Center Bank

Large financial institutions that rely less on traditional bank deposits for funding and more on wholesale funding markets.