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A company has the following inventory information and uses the periodic system: May 1 Beginning Inventory 11 units at $2 each May 4 Purchase 8

A company has the following inventory information and uses the periodic system:

May 1 Beginning Inventory

11

units at

$2

each

May 4 Purchase

8

units at

$3

each

May 7 Sale

15

units

The company uses the FIFO method of inventory costing. What is the cost of goods sold and the ending merchandise inventory?

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