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Calculate the cost of goods sold and ending inventory

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Question - Indigo Limited uses a perpetual inventory system. The inventory records show the Following data for its first month of operations:

Date

Explanation

Units

Unit Cost

Total Cost

Balance in Units

Aug. 2

Purchases

249

$72

$17,928

249

Aug. 3

Purchases

505

96

48,480

754

Aug. 10

Sales

(288)

 

 

466

Aug. 15

Purchase

862

125

107,750

1,328

Aug. 25

Sales

(319)

 

 

1,009

Required - Calculate the cost of goods sold and ending inventory using the FIFO cost method.

Reference no: EM131749567

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