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Question - Allen Company had the following information for the year ending December 31:
Additional Resources
Units Beginning inventory 310 at $32
Purchase: April 6 480 at $34
Sale: May 4 570
Purchase: July 19 440 at $35
Sale: September 9 560
Purchase: October 10 530 at $42
Allen 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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