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Urgent help on accounting homework please? Galaxy Company uses the periodic inventory method and recorded the following inventory and purchase transactions for the month of
Urgent help on accounting homework please?
Galaxy Company uses the periodic inventory method and recorded the following inventory and purchase transactions for the month of August 20X4.
Date | Transaction | Units | Unit Cost | Total |
Aug1 | Beginning Inventory | 3,000 Units | @1.00 | $3,000 |
Aug3 | Purchases | 900 Units | @1.20 | 1,080 |
Aug10 | Purchases | 800 Units | @1.40 | 1,120 |
Aug17 | Purchases | 600 Units | @1.60 | 960 |
Aug24 | Purchases | 300 Units | @1.80 | 540 |
Determine the ending inventory balance at August 31 and the cost of goods sold for the month of August, 20X4 for Galaxy Company. Galaxy Company sold 3,100 units during August, 20X4. On August 31, a physical inventory count was conducted, and 2,500 units were on hand. Assume the company uses the last-in-first-out (LIFO) cost flow assumption.
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