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Required information [The following information applies to the questions displayed below.] Auto Dealers Incorporated sells a handmade automobile as its only product. Each automobile is
Required information [The following information applies to the questions displayed below.] Auto Dealers Incorporated sells a handmade automobile as its only product. Each automobile is identical; however; they can be distinguished by their unique ID number. At the beginning of 2024, Auto Dealers had three cars in inventory, as follows: During 2024, each of the three autos sold for $81,000. Additional purchases (listed in chronological order) and sales for the year were as follows: 2. Calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system
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