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Calculate the ending inventory and Cost of goods sold

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Question - Frosty Bar Corporation uses the perpetual inventory system. Beginning Inventory was 50 units at $90 each. Data for the month ended December 31, 2019, are as follows:

Date Description Units Unit Cost Dec 4 Purchase 180 $92 Dec 10 Sale (160) Dec 18 Purchase 70 $94 Dec 23 Sale (100) Dec 28 Purchase 40 $95

Calculate the ending inventory and Cost of goods sold balances on December 31, 2019 using First in First Out (FIFO) method.

Reference no: EM132525600

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