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Question - Pharoah Company's inventory records show the following data for the month of September:
Units
Unit Cost
Inventory,
September 1
200
$4.00
Purchases:
September 8
1,100
5.00
September 18
700
6.00
A physical inventory on September 30 shows 400 units on hand. Calculate the value of the ending inventory and cost of goods sold if the company uses average-cost inventory costing and a periodic inventory system.
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