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Question - Cox Company had the following information for the year ending December 31:
Additional Resources
Units
Unit Cost
Beginning inventory
340
$35
Purchase: April 6
280
$40
Sale: May 4
580
Purchase: July 19
470
$44
Sale: September 9
250
Purchase: October 10
100
$45
Cox uses the perpetual inventory system and the FIFO method.
Required -
(a) Compute the cost of ending inventory.
(b) Compute the cost of goods sold for the year.
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