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Question - The inventory records of Urban Inc. show the following data for its merchandise inventory.
Date
Units
Unit Cost
Jan 1 Inventory
60
$38.00
Jan 3 Purchase
90
40.00
Jan 7 Sale
100
Jan 10 Purchase
41.60
Jan 20 Sale
Jan 30 Purchase
43.20
Required - Compute cost of goods sold and ending inventory for the month ending January 31 using the average cost method (periodic inventory system) and the moving average method (perpetual inventory system).
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