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A company purchased 300 units for $30 each on January 31. It purchased 390 units for $39 each on February 28. It sold a total
A company purchased 300 units for $30 each on January 31. It purchased 390 units for $39 each on February 28. It sold a total of 460 units for $45 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the first -in, first -out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system.) O A. $6,900 O B. $960 O C. $8,970 O D. $5,940 Retained Earnings 3,500 Dividends 2,000 Sales Revenue 97,900 Cost of Goods Sold 23,000 Salaries Expense 20,000 Rent Expense 15,000 Selling Expense Delivery Expense Supplies Expense 8,500 1,700 800 $114,700 Total $114,700 What will be the final balance in the corporation's Retained Earnings account after recording the closing entries? A. $32,400 O B. $30,400 O C. $18,900 D. $1,500
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