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E62 Elmos Music carries a large inventory of guitars and other musical instruments. The store...

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Accounting

E62 Elmos Music carries a large inventory of guitars and other musical instruments. The store uses the FIFO method and a perpetual inventory system. Company records indicate the following for a particular line of guitars that sell for $1,600 each:

Date Item Quantity Unit Cost
May 1 Balance 5 $900
6 Sale 3
8 Purchase 10 840
17 Sale 4
30 Purchase 5 840

Required

Prepare a perpetual inventory record for the guitars. Then determine the amounts Elmos Music should report for ending inventory and cost of goods sold under the FIFO method.

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