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Periodic inventory by three methods; cost of goods sold. The units of an item available for sale during the year were as follows:
Jan. 1 Inventory40 units at $124
Mar. 10 Purchase70 units at $134
Aug. 30 Purchase20 units at $142
Dec. 12 Purchase70 units at $148
There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.
Problem 1: Determine the ending inventory cost and the cost of goods sold by three methods.
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