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Assume that Marin Company has the following transactions in its first month of operations. Date Purchases Sold Balance Feb. 1 2,000 @ $4.20 2,000 units

Assume that Marin Company has the following transactions in its first month of operations.

Date Purchases Sold Balance
Feb. 1 2,000 @ $4.20 2,000 units
Feb. 10 6,400 @ $4.55 8,400 units
Feb. 21 4,000 units 4,400 units
Feb. 28 1,900 @ $4.90 6,300 units

Marin uses a perpetual inventory system.

(a)

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Compute cost of goods sold and ending inventory at February 28, assuming Marin uses the FIFO cost flow assumption.

Cost of goods sold $
Ending inventory $

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(b)

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Compute cost of goods sold and ending inventory at February 28, assuming that Marin uses the LIFO cost flow assumption.

Cost of goods sold $
Ending inventory $

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