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What amounts would be reported as the cost of goods sold

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Question - 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:

January 1 Beginning Inventory 120 units $5 per unit

June 2 Purchase 65 units $4 per unit

November 5 Sales 35 units

Required - What amounts would be reported as the cost of goods sold and ending inventory balances for the year?

Reference no: EM133107193

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