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Wright Company had the following information for the year ending December 31:
Units
Unit Cost
Beginning inventory
Purchase:
April 6
Sale:
May 4
Purchase:
July 19
Sale:
September 9
Purchase:
October 10
Wright uses the perpetual inventory system and the FIFO method.
Required:
Using FIFO
(a) Compute the cost of ending inventory.
(b) Compute the cost of goods sold for the year.
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