The periodic inventory records of Miami Prosthetics indicate the following for the month of December:

Dec 1 - Beginning merchandise inventory - 8 units @ $45 each Dec 8 - Purchase - 10 units @ $54 each Dec 15 - Purchase - 13 units @ $55 each Dec 26 - Purchase - 15 units @ $61 each At December 31, Miami counts five units of inventory on hand. Compute ending merchandise inventory and cost of goods sold for Miami using the FIFO inventory costing method

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