(Answered) Question - sales during the year were 500 units beginning

Accounting

Question - Sales during the year were 500 units. Beginning inventory was 200 units at a cost of $5 per unit. Purchase 1 was 250 units at $6 per unit. Purchase 2 was 400 units at $7 per unit.

Required: Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method.

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