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Bush Trading Inc. has the following information on its Inventory for the year 2017:
Beginning Inventory: 350 units at $30 per unit
Purchases during the year:
March 600 units at $31 per unit
August 200 32
September 300 34
Total Sales for the year: 1,035 units at $40 per unit
Required:
Problem a. Compute the Ending Inventory under the First-in, First-out (FIFO) Method.
Problem b. Compute the Gross Profit for 2017
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