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FIFO method Inventory transactions October: Description #bottles cost/bottle OCT 1, beginning inventory 31 $165 OCT 8, purchase 9 $169 OCT 12, purchase 4 $167 OCT

FIFO method

Inventory transactions October:

Description #bottles cost/bottle

OCT 1, beginning inventory 31 $165

OCT 8, purchase 9 $169

OCT 12, purchase 4 $167

OCT 20, purchase 6 $160

Summary

#bottles sold - 40

Selling prices/bottle - $206

Calculate:

Cost of goods sold month ended OCT 31 -

Ending inventory as of OCT 31 -

Gross profit month ended OCT 31 -

Please show work. I'm really trying to understand this. Thank you.

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