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Lee Corp. purchased 10 key chains on January 1, 2010 for \$9.00 each and 5 key chains were purchased on December 1, 2010 for \$10.00. Seven were sold. What would be the inventory amount for LIFO, what would be the inventory amount for
FIFO

LIFO: last in first out.
Date qty unit price total inventory
Jan1 10 9 \$90 \$90
Dec. 5 10 \$50 \$140
Sold 7:
sold 5 10 \$50 \$90
sold 2 9 \$18 \$72

FIFO: first in first out
Jan1 10 9 \$90 \$90
Dec. 5 10 \$50 \$140
Sold 7:
sold 7 9 \$63 \$77

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