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Question - Russell Company had the following information for the year ending December 31:
Unit
Unit Cost
Beginning Inventory:
260
$45
Purchase: April 6
590
$44
Sale: May 4
570
Purchase: July 19
340
$39
Sale: September 9
410
Purchase: October 10
280
$34
Russell uses the perpetual inventory system and the FIFO method.
Required - Using FIFO
(a) Compute the cost of ending inventory.
(b) Compute the cost of goods sold for the year.
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