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Doe Company has been in business for 3 years and uses the FIFO costing method and the periodic method of accounting for inventory. Beginning
Doe Company has been in business for 3 years and uses the FIFO costing method and the periodic method of accounting for inventory. Beginning inventory consists of 1,200 units with a total cost of $ 3,000. Purchases made during the year are: Feb. 2- 1,100 units @ $ 3.00 May 7 - 800 units @ $ 3.50 Oct 27 1,400 units @ $ 2.75 There are 1,700 units in ending inventory. What is the goods available for sale in units and dollars? What is ending inventory in dollars? What is COGS?
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