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Question - Company uses a periodic inventory system. For October, when the company sold 1,730 units, the following information is available.
Units
Unit Cost
Total Cost
October 1 inventory
600
$24
$14,400
October 8 purchase
1,200
25
30,000
October 25 purchase
28
16,800
2,400
$61,200
Required - Compute the October 31 inventory and the October cost of goods sold using the FIFO method.
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