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Jennings Company Uses the Periodic Inventory System and Applies FIFO

Question 39

Essay

Jennings Company uses the periodic inventory system and applies FIFO inventory costing. At the end of the annual accounting period, December 31, 2016, the accounting records for the best selling item in inventory showed the following: Jennings Company uses the periodic inventory system and applies FIFO inventory costing. At the end of the annual accounting period, December 31, 2016, the accounting records for the best selling item in inventory showed the following: Required: Calculate the following: 1. Goods available for sale 2. Ending inventory 3. Cost of goods sold Required:
Calculate the following:
1. Goods available for sale
2. Ending inventory
3. Cost of goods sold

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1. Goods available for sale: (...

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