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Alternative Inverntory Methods
I am doing an assignment in Intermediate Accounting that gives the units in inventory, but not the cost/unit. The information given is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. I know how to figure the assumptions, but I don't understand what the $5, $4, and $2 are for and don't know how to figure it for the beginning balance. Can anyone help point me in the right direction? Thanks
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