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The Concord Company counted physically their beginning balance on January 02, 2020 and subsequent inventory purchases made by the company during the month of January 2020 are given below:
Date Description Units Rate
Jan. 02 Beginning Inventory 300 $10
Jan. 11 Purchased 600 12
Jan 23 Purchased 700 11
The company sold 1,300 units during the month of January 2020.
Instructions:
Question 1: The company uses periodic inventory system. Compute the cost of goods sold and ending inventory on January 31, 2020 using the following inventory costing methods:
a) First in, first out (FIFO) method.
b) Weighted Average cost method.
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