(solution) ACCOUNTING Managerial The company reported the following inventory data for the year:

The company reported the following inventory data for the year: Cost Per Units Beginning Inventory 300 Unit \$17.50 Purchases: March 23 September 16 900 18.00 1,200 18.25 Units Remaining at Year End: 400 Compute cost of goods sold and ending inventory assuming FIFO inventory valuation. Assume that ALL sales occurred on December 31. Cost of goods sold = \$7,050; Ending inventory = \$36,300 Cost of goods sold = \$43,350; Ending inventory = \$7,300 Cost of goods sold = \$7,300; Ending inventory = \$36,050 Cost of goods sold = \$36,300; Ending inventory = \$7,050 Cost of goods sold = \$36,050; Ending inventory = \$7,300

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