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Consider the Following Inventory Information: Using the First-In, First-Out

Question 3

Essay

Consider the following inventory information: Consider the following inventory information: Using the first-in, first-out (FIFO)method and the periodic inventory system, calculate the cost of goods sold in January and the cost of inventory on January 31. Using the first-in, first-out (FIFO)method and the periodic inventory system, calculate the cost of goods sold in January and the cost of inventory on January 31.

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