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Suppose that Sandhill has the following inventory data: Nov. 1 Inventory 10 units @...

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Question

Accounting

Suppose that Sandhill has the following inventory data:
Nov. 1 Inventory 10 units @ $4 each
8 Purchase 100 units @$4.45 each
17 Purchase 60 units @ $4.30 each
25 Purchase 80 units @ $4.60 each
The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 90
units on hand. Cost of goods sold under FIFO is
$849.
$700.
$396.
$411.
image

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