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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Question 3 (5%)
Inventory data for Hot Buys Company for January 2020 are as follows:
January I balance
January 10 purchase 100 units at $28
January 15 sale
January 21 purchase 90 units at $32
January 28 sale
80 units at $25
120 units
110 units
Using FIFO, compute ending inventory as of January 31, 2020, and determine cost of goods sold
for January.
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