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Alta had a beginning inventory of 100 units at $10 each. The purchase price increased steadily during the period. Purchases during the period were 200 at $11 each, 300 at $13 each, and 150 at $15 each. Sales were 500 units at $20.
Using periodic FIFO:
a. Determine the cost of the ending inventory.
b. Determine the cost of the goods sold.
c. Determine the Gross profit.
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Alta had a beginning inventory of 100 units at $10 each. The purchase price increased steadily durin...
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