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On May 1, Cullumber Company had 460 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system.

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On May 1, Cullumber Company had 460 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: 6 Your answer is incorrect. Calculate the cost of goods sold and ending inventory using FIFO

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