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At the end of the first quarter, yesterday, a staff accountant prepared the information below. It is a schedule of merchandise inventory and cost of goods sold under each of the three most common costing methods: perpetual LIFO, perpetual FIFO, and perpetual weighted-average. Unfortunately, she forgot to label which one was which and today is her day off.
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Required
A. Match each set of cost results above with the inventory costing method used to generate it. (Hint: In which direction are prices moving?)
B. Prove your results by showing how the amount for the first sale was computed under each method.
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