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Question - Griffin Company had the following information for the year ending December 31:
Additional Resources
Units Unit Cost Beginning inventory
Purchase: April 6
Sale: May 4
Purchase: July 19
Sale: September 9
Purchase: October 10
Griffin uses the perpetual inventory system and the FIFO method.
Required - Using FIFO
(a) Determine the cost of ending inventory.
(b) Determine the cost of goods sold for the year.
If Math Tot"s sales were to increase by $100,000 with no change in fixed expenses, by how much would net operating income increase?
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