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The following data are available for one of the products (i.e., baseballs) sold by Cano Company, which uses a perpetual inventory system. November 1 On
The following data are available for one of the products (i.e., baseballs) sold by Cano Company, which uses a perpetual inventory system.
November | 1 | On hand, 10 units at $2 each |
| 8 | Sold, 6 units for $10 each |
| 14 15 | Purchased, 30 units at $3 each Purchased, 10 units at $4 each |
| 25 | Sold, 24 units for $10 each |
If the company uses the FIFO, LIFO, Weighted Average Cost method, determine the following amounts (in dollars $): i) Ending Inventory on November 30th? ii) Cost of Goods Sold for November? Show your calculations to receive full credit.
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