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Calculate the November inventory

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Question - Flounder Corporation uses a perpetual inventory system. On November 19, the company sold 620 units. The following additional information is available:

 

Units

Unit Cost

Total Cost

Nov. 1 inventory

320

$11

$3,520

Nov. 15 purchase

450

14

6,300

Nov. 23 purchase

430

18

7,740

 

1,200

 

$17,560

Required -

a) Calculate the November 30 inventory and the November cost of goods sold, using the moving average cost formula.

b) Calculate the November 30 inventory and the November cost of goods sold, using the FIFO cost formula.

Reference no: EM132844123

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