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Calculate the November inventory

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Question - Canal Corporation uses a perpetual inventory system .On November 19, the company sold 600 units. The following additional information is available.

 

Units

Unit cost

Total cost

Nov 1 inventory

250

$12

$3,000

Nov 15 purchase

400

$14

$5,600

Nov 23 purchase

350

$15

$5,250

 

1,000

 

$13,850

Required - Calculate the November 30 inventory and the November cost of goods sold, using: a) The moving -average cost formula (round per- unit cost to two decimal places) and b) The FIFO cost formula.

Reference no: EM133071254

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