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Question - Flounder Corporation uses a perpetual inventory system. On November 19, the company sold 620 units. The following additional information is available:
Units
Unit Cost
Total Cost
Nov. 1 inventory
320
$11
$3,520
Nov. 15 purchase
450
14
6,300
Nov. 23 purchase
430
18
7,740
1,200
$17,560
Required -
a) Calculate the November 30 inventory and the November cost of goods sold, using the moving average cost formula.
b) Calculate the November 30 inventory and the November cost of goods sold, using the FIFO cost formula.
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