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Sales during the year were 980 units. Beginning inventory was 320 units at a cost of $3 per unit. Purchase 1 was 490 units at
Sales during the year were 980 units. Beginning inventory was 320 units at a cost of $3 per unit. Purchase 1 was 490 units at $4 per unit. Purchase 2 was 760 units at $5 per unit Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO metho (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Inventory Balance Cost of of units of Cost per Available for of units Cost per Cost of Cost per unit sold unit inventory units Inventory S 3 S 320 960 Beg. Inventory Purchases Purchase 1 490 1,960 5 Purchase 2 760 3,800 Total 6,720 1,570
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