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Question - The Snowboarding Company provided the following information for one of its top-sellings now boards:
Date Item Units Amount Sale
Nov. 1 Beginning inventory 26 $197
5 Sale (12) $340
12 Purchase 65 210
16 Sale (50) $355
19 Purchase 38 215
22 Sale (62) $370
26 Purchase 40 216
Required -
1. Calculate the cost of goods sold and ending inventory using FIFO.
2. Write the journal entries for November 12, 16, 22.
Compute the inventory turnover and the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers
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