In its first month of operations, Pharoah Company made three purchases of merchandise in the...
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Accounting
In its first month of operations, Pharoah Company made three purchases of merchandise in the following sequence: 200 units at $9; 250 units at $8; and 300 units at $7. There are 460 units on hand at the end of the period. Pharoah uses a periodic inventory system. Calculate the cost of the ending inventory and cost of goods sold under FIFO. FIFO Ending inventory $enter a dollar amount Cost of goods sold $enter a dollar amount
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