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A Merchandiser That Uses a Periodic Inventory System Made the Following

Question 58

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A merchandiser that uses a periodic inventory system made the following cash purchases and sales during the year. There was no beginning inventory. A merchandiser that uses a periodic inventory system made the following cash purchases and sales during the year. There was no beginning inventory. The company has a calendar year-end and uses the FIFO inventory valuation method. Calculate the ending inventory balance and cost of goods sold for the year. The company has a calendar year-end and uses the FIFO inventory valuation method. Calculate the ending inventory balance and cost of goods sold for the year.

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blured image Ending inventory = 180 × $1,180 = $212,...

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