Brief Exercise 8-05

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Concord Company uses a periodic inventory system. For April, when the company sold550units, the following information is available.

Units

Unit Cost

Total Cost

April 1 inventory

260$15$ 3,900April 15 purchase

430187,740April 23 purchase

310

206,200

1,000

$17,840

Compute the April 30 inventory and the April cost of goods sold using the FIFO method.

Ending inventory

$enter a dollar amount

Cost of goods sold

$enter a dollar amount