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Adamo Limited (AL) is a wholesaler of machine parts. Jacob Avery, an employee of AL, recently purchased AL from the original owner, Mr. Adam, who is retiring. Mr. Avery has come to you for advice on how to calculate ending inventory and cost of goods sold. He has asked you to explain your reasoning for any choices you make. Mr. Avery provided you with the following example of his inventory costs using Part 17592a.
Inventory Information for Part 17592a
Number of units
Date of purchase / sale
Cost per unit
Selling price per unit
Opening inventory
255 units
Various
$
14.00
Purchase
205 units
Nov. 10
14.50
Sale
165 units
Nov. 12
35.00
160 units
Nov. 20
14.75
330 units
Nov. 22
65.00
190 units
Nov. 25
15.00
Required: Calculate ending inventory as at November 30 and cost of goods sold for Part 17592a for November.
Cost of Goods Sold
Ending Inventory
FIFO
Average Cost
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