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Q1) OJU Company utilizes periodic inventory system and applied FIFO inventory costing. At the end of annual accounting period, December 31, 20D, accounting records for the best selling items in inventory showed:

Transactions  Units    Unit Cost
Beginning inventory, Jan. 1, 20D  200 $1
1.Purchase,Feb.1       400 12
2.Sale, March15 (sold at $20 each)  (300)  
3.Purchase May 15     350 14
4.Sale, July 31(sold at $25 each)  (500)  

Find out the following (show computations and round to the nearest dollar):

Goods available for sale:$
Ending inventory:$
Cost of goods sold:$

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  • Category:- Accounting Basics
  • Reference No.:- M920443

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