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Problem - Stellar Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available.
Units Unit Cost Total Cost
April 1 inventory 340 $23 7,820
April 15 purchase 390 28 10,920
April 23 purchase 270 30 8,100
1,000 $26,840
Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
Ending inventory$__________________
Cost of goods sold$_______________
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Flow of Costs through Manufacturing Accounts
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