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Find what amounts would be reported as cost of goods sold

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Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the following information:

Date               Description                # of units             Cost per unit
January 1    Beginning inventory       160                   $6
June 2          Purchase                       90                    $5
November 5     Sales                         170

Problem 1: Find what amounts would be reported as the cost of goods sold and ending inventory balances for the year?

Reference no: EM132665644

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