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Inventory Costing Methods
Morrison Inc. reported the following information for the month of February:
Inventory, February 1 66 units @ $18
Purchase:
February 7 50 units @ $20
February 18 60 units @ $21
February 27 39 units @ $23
During February, Morrison sold 139 units. The company uses a periodic inventory system.
Required:
Problem 1: What is the value of ending inventory and cost of goods sold for February
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