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The following inventory transactions apply to Green Company for Year 2. January 1 Purchased 270 units @ $9 April 1 Sold 135 units @ $16

The following inventory transactions apply to Green Company for Year 2.

January 1 Purchased 270 units @ $9
April 1 Sold 135 units @ $16
August 1 Purchased 410 units @ $10
December 1 Sold 513 units @ $17

The beginning inventory consisted of 195 units at $10 per unit. All transactions are cash transactions. Required

  1. Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records.
  2. Compute cost of goods sold for Year 2.

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