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Question - Periodic Inventory-FIFO - Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14.
Units
Cost/Unit
Total Cost
Inventory, Jan. 1
1,500
$0.25
$375
Purchases, Jan. 13
1,100
0.27
297
2,600
$672
Using the FIFO method, calculate Carla's cost of goods sold for January and its January 31 inventory.
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