Determine the cost of goods sold on January

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Problem - Beginning inventory, purchases, and sales for Item ProX2 are as follows:

Jan. 1 Inventory 60 units at $100

Jan. 9 Sale 35 units

Jan. 13 Purchase 50 units at $110

Jan. 25 Sale 48 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on January 25.

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (b) the inventory on January 31.

Reference no: EM132751247

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