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A company uses the perpetual inventory system and the first-in, first-out (FIFO) cost flow assumption method to account for inventory. The following information is given:
A company uses the perpetual inventory system and the first-in, first-out (FIFO) cost flow assumption method to account for inventory. The following information is given:
Date | Quantity | Cost per Unit | Total Cost | |
12/31/2018 | Year-end balance | 200 | $7.00 | $1,400 |
1/17/2019 | Purchase | 500 | $8.00 | $4,000 |
1/18/2019 | Sale | 250 | ||
1/22/2019 | Purchase | 600 | $8.50 | $5,100 |
1/24/2019 | Purchase | 300 | $9.00 | $2,700 |
1/30/2019 | Sale | 350 |
What are the cost of goods sold (COGS) and value of ending inventory for January 2019?
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