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JANE Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during the last two months of 2022: Units Purchases Unit Cost
JANE Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during the last two months of 2022: Units Purchases Unit Cost Sales Units Selling Price/Unit Nov Beginning inventory 300 $200 13 Purchase 150 220 29 Sale 400 $350 Dec 3 Purchase 100 240 16 Sale 80 360 Requirement a.) Using the FIFO cost formula, calculate beginning inventory, the cost of goods sold for the two months of November and December, the ending inventory. Show calculations for each date. b.) Calculate the gross profit for November and December
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