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Consider the following inventory data for the first two months of the year for Healthy Snacks International: Total Date Units Unit Cost Beginning inventory hand
Consider the following inventory data for the first two months of the year for Healthy Snacks International: Total Date Units Unit Cost Beginning inventory hand 1-Jan 65,000 $2.10 Purchases during month: 5-Jan 104,200 $2.20 20-Jan 292,800 $2.25 Sales of Inventory: 25-Jan 383,500 Purchases during month: 8-Feb 23-Feb 285,400 158,700 $2.35 $2.75 Sales of Inventory: 27-Feb 408,800 Assume all sales occur at a sales price of $6 per unit. Calculate the total cost of goods sold and gross profit for January and February and the ending inventory as of February 28 under the FIFO costing method, assuming the use of a perpetual inventory management system. NOTE: Round final answers to the nearest whole dollar and do NOT use a dollar sign or commas in your final answer. FIFO: A. Cost of Goods Sold: B. Gross Profit: C. Ending Inventory
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