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Problem - Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory.
Units
Cost/Unit
Total Cost
Inventory, Dec. 1
300
250
$ 75,000
Purchases, Dec. 8
600
275
165,000
900
$240,000
Using the FIFO method, calculate Jessie's inventory on December 31 and its cost of goods sold for December.
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