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The following selected inventory data has been provided for Pleasure Corporation. Assume the FIFO method for a perpetual inventory is used. Operating expenses total $1,000:
The following selected inventory data has been provided for Pleasure Corporation. Assume the FIFO method for a perpetual inventory is used. Operating expenses total $1,000: 50 units at $10 Nov. 1 Beginning inventory per unit 30 units at $14 Nov. 5 Purchase per unit 30 units at $30 Nov. 15 Sale per unit 25 units at $15 Nov. 20 Purchases per unit 20 units at $16 Nov. 25 Purchases per unit 80 units at $32 . 28 Sale per unit Required (remember to show all of your calculations in your rough work): 1. Calculate the sales Pleasure Corporation would report on their income statement for the month ending November 30, 2020. Enter your answer here: 2. Calculate the cost of Goods Sold Pleasure Corporation would report on their income statement for the month ending November 30, 2020. Enter your answer here
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