Minute Inc. uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic invent

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Minute Inc Uses The Fifo Method To Assign Costs To Inventory And Cost Of Goods Sold The Company Uses A Periodic Invent 1 (28.73 KiB) Viewed 8 times

Minute Inc. uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the following information: Date January 1 June 2 November 5 Description Beginning inventory Purchase Sales # of units A Cost of goods sold $550; Ending inventory $250 B) Cost of goods sold $755; Ending inventory $225 C) Cost of goods sold $600; Ending inventory $200 D Cost of goods sold $625; Ending inventory $175 100 75 125 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Cost per unit $5 $ 4