Randolph Company is a retailer that sells appliances to institutions such as schools, universities, and state governments. During the month of January, Randolph Company recorded the following information:

Assuming Randolph Company uses a perpetual FIFO inventory system, determine the cost of goods sold and value of the endinginventory.

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Units 550 100 300 600 500 Unit Cost $300 305 Total Cost $165,000 January 1 inventory Purchases January 5 Sales January 7 Purchases January 10 Sales January 31 30,500 310 186,000