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[The following information applies to the questions displayed below.) Glasgow Corporation has the following Inventory transactions during the year. Date Transaction Jan. 1 Beginning inventory
[The following information applies to the questions displayed below.) Glasgow Corporation has the following Inventory transactions during the year. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units 59 139 209 119 526 Unit Cost $ 51 53 56 57 Total Cost $ 3,009 7,367 11,704 6,783 $28,863 For the entire year, the company sells 445 units of Inventory for $69 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per # of units Goods unit Available for Sale $ 0 # of units Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory $ 0 S 0 Beginning Inventory Purchases Apr. 7 0 S 0 0 Jul. 16 0 S 0 0 Oct.6 0 S 0 0 0 Oo Total 0 $ 0 Sales revenue Gross profit
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