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Consider the Following Inventory Information for Last Year

Question 57

Essay

Consider the following inventory information for last year:
Consider the following inventory information for last year: The company uses a periodic inventory system. The year-end inventory count indicated 5,300 units left in inventory. Required: Using the first-in, first-out (FIFO)method, calculate the ending inventory value and the cost of goods sold for the year. The company uses a periodic inventory system. The year-end inventory count indicated 5,300 units left in inventory.
Required:
Using the first-in, first-out (FIFO)method, calculate the ending inventory value and the cost of goods sold for the year.

Correct Answer:

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EI = 5,300 × 80 = 42...

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