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Consider the following inventory data for the first two months of the year for Fast Snacks International: Date Total Units Unit Cost Beginning inventory hand

Consider the following inventory data for the first two months of the year for Fast Snacks International:

Date

Total Units

Unit Cost

Beginning inventory hand

1-Jan

60,000

$2.05

Purchases during month:

5-Jan

103,600

$2.10

20-Jan

293,900

$2.15

Sales of Inventory:

25-Jan

383,500

Purchases during month:

8-Feb

282,700

$2.25

23-Feb

156,700

$2.60

Sales of Inventory:

27-Feb

405,600

- Assume all sales occur at a sales price of $6 per unit.

Calculate cost of goods sold, ending inventory, and gross profit for January and February under the FIFO costing method, assuming use of a perpetual inventory management system

A. Cost of Goods Sold.

B. Ending Inventory.

C. Gross Profit.

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