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A corporation uses a FIFO perpetual inventory system. During August, it had the following transactions: August 1, Beginning inventory of 8 units @ $11 per
A corporation uses a FIFO perpetual inventory system. During August, it had the following transactions: August 1, Beginning inventory of 8 units @ $11 per unit August 2, 25 units were purchased at $12 per unit. August 15, 12 units were sold at $25 per unit. August 18, 15 units were purchased at $14 per unit. August 20. 18 units were sold at $25 per unit August 28. 14 units were sold at $26 per unit What was the amount of the ending inventory, and the cost of sales for the month of August?
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