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Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each
Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory's selling price is $9 per unit. Unit Cost $ 2.50 Units 240 Total Cost $ 600 (190) Transactions Inventory, January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 3.00 870 290 (160) 95 4.00 380 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the inventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) Amount of Goods Available for Sale Ending Inventory Cost of Goods Sold a. Weighted average cost b. First-in, first-out c. Last-in, first-out: d. Specific identification
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