Question
A company made the following merchandise purchases and sales during the month of July: July 1 purchased 400 (380) units at $15 each July 5
A company made the following merchandise purchases and sales during the month of July: July 1 purchased 400 (380) units at $15 each July 5 purchased 275 (270) units at $20 each July 9 sold 475 (500) units at $55 each July 14 purchased 325 (300) units at $24 each July 20 sold 275 (250) units at $55 each July 30 purchased 325 (250) units at $30 each There was no beginning inventory. If the company uses the first-in, first-out perpetual inventory method, what would be the cost of the ending inventory and cost of goods sold? There was no beginning inventory. If the company uses the Last-in, first-out perpetual inventory method, what would be the cost of the ending inventory and Cost of goods sold?
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