Solution-Compute ending inventory and cost of goods sold

Compute ending inventory and cost of goods sold under fifo

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Reference no: EM131798668

The following transactions occurred during December.

Dec. 3	Purchased 4,500 units of inventory on account at a cost of $1 per unit.
5	Sold 5,000 units of inventory on account for $1 per unit. (It sold 3,400 of the $0.55 units and 1,600 of the $0.70.)
7	Granted the December 5 customer $81 credit for 100 units of inventory returned costing $54. These units were returned to inventory.
17	Purchased 2,100 units of inventory for cash at $1 each.
22	Sold 1,700 units of inventory on account for $1 per unit. (It sold 1,700 of the $0.70 units.)

Compute ending inventory and cost of goods sold under FIFO, assuming Alto Company uses the periodic inventory system.

Reference no: EM131798668

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Compute ending inventory and cost of goods sold under fifo

Reference no: EM131798668

Reference no: EM131798668

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