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Phoenix Plc sells hard disks of similar make and model and reports an opening inventory on 1 July 2014 of 20 units purchased at £60.Its purchases during are as follows:
September 90 units @ £70
November 110 units @ £75
March 70 units @ £80
Phoenix Plc sold 260 units during the year.
What is the cost of ending inventory using FIFO and weighted average method respectively (rounded to the nearest dollar) ?
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