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Iron Hill began August with 46 units of iron inventory that cost $40 each. During August, the company completed the following inventory transactions: Aug. 3
Iron Hill began August with 46 units of iron inventory that cost $40 each. During August, the company completed the following inventory transactions: Aug. 3 Sale 38 units @ $60 each Aug.8 Purchase 72 units @ $45 each Aug 21 Sale 65 units @ $70 each Aug, 30 Purchase 35 units @ $48 each Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. cost of goods sold = ? ending merchandise inventory = ? gross profit
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