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Problem -
During 2018, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2018:
Date
Transaction
Number of units
Unit Cost
Total Cost
Jan. 1
Beginning inventory
14
$52
$728
Sep. 8
Purchase
15
54
810
29
$1,538
Required - Calculate ending inventory and cost of goods sold for 2018 assuming the company uses FIFO with a periodic inventory system.
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