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Below is the purchase and sale history of a company's product, maintained under the Weighted Average method, following the perpetual approach: Date Nov 1 Nov

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Below is the purchase and sale history of a company's product, maintained under the Weighted Average method, following the perpetual approach: Date Nov 1 Nov 8 Nov 12 Nov 12 Transaction Units Opening Bal Purchase Sale Purchase S/Unit 105 S 67.21 31 $ 69.40 102 ??? 114 $ 57.61 Nov 19 Sale 45 ??? REQUIRED: Determine the cost of Goods Sold for the month of November and the ending Inventory balance for the month. What if the business changed to the First- In, First Out method? What would be the value of the ending inventory in that case? Make sure you show all your work. (10 marks)

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