Using the information from RE8-8, calculate Jesse Stores' inventory on December 31 and its cost of goods sold for December using the LIFO method.In RE8-8, Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year, when Jessie Stores sold 500 units of inventory.
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Using the FIFO method, calculate Jessie Stores' inventory on December 31 and its cost of goods sold forDecember.