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V. Inventory Costing Methods (8 marks) Palliser Company had the following beginning inventory and purchases during November. Beginning Inventory 50 units @ $5.00 November 10

V. Inventory Costing Methods (8 marks) Palliser Company had the following beginning inventory and purchases during November.

Beginning Inventory 50 units @ $5.00 November 10 10 units @ $5.50 November 20 15 units @ $6.00

On November 12, 55 units were sold for a selling price of $12.

REQUIRED: Calculate the cost of goods sold and the ending inventory value for November 30th using the Weighted Average Method. Calculate the gross profit on the November 12th sale.

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