Shown below is the activity for one of the products of Random Creations: ...
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Accounting
Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @ $50 $4,000
Purchases:
January 18:
40 units @ $51
January 28:
40 units @ $52
Sales:
January 12:
30 units
January 22:
30 units
January 31:
45 units
Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses average cost and a periodic inventory system. (Round intermediate calculations to two decimal numbers. Round your final answers to nearest whole dollar amount.) Ending Inventory:
Cost of Goods Sold:
Answer & Explanation
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