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Pharoah Company sells leather saddles and equipment for horse enthusiasts. Pharoah uses the perpetual inventory system. The following schedule relates to the company's inventory for
Pharoah Company sells leather saddles and equipment for horse enthusiasts. Pharoah uses the perpetual inventory system. The
following schedule relates to the company's inventory for the month of May:
a
Calculate Pharoah Company's cost of goods sold, gross margin, and ending inventory using FIFO.
Cost of goods sold
Gross margin
$
Ending inventory
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