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Sunlit Company uses the periodic inventory system. The company's beginning inventory and later purchases of inventory during Nov 2020 were as below:
Nov 01: Beginning inventory, 35 units @ $20 per unit.
Nov 17: Inventory purchased, 95 units @ $28 per unit.
Nov 25: Inventory purchased, 55 units @ $32 per unit.
Sunlit company sold 110 units during the month of Nov 2020.
Required:
Problem 1: Calculate the cost of goods sold and ending inventory for Nov 2020 using both the Weighted Average cost and First in, first out (FIFO) method.
Problem 2: Also record the journal entries for the Nov 17 purchase of inventory and when 75 units from this lot were sold for $48 each. Assume both purchase of inventory and its sale are on account.
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