Complete the chart using the LIFO and FIFO costing methods,assuming a period of increasing costs:
Definitions:
Trade Custom
Established practices and patterns of behavior that are widely accepted within a particular industry.
Contract
A contract between two or more entities that is recognized by law and entails shared responsibilities.
Merchantable
A term that describes goods of a quality that are fit for sale or suitable for a particular purpose.
Bar of Soap
A solid piece of cleansing substance used for personal hygiene, typically formed into a rectangular shape.
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