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Question: pensa cola ltd uses perpetual inventory in connection with fifo...

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Pensa cola Ltd. uses perpetual inventory in connection with FIFO costing. The company began the year with zero inventory balance. They had the following transactions during the year.

1 Jan  Purchased 50 units at $4.00 per unit

5 Jan  Purchased 100 units at $4.10 per unit

7 Jan  Sold 80 units at a price of $12.00 per unit 

15 Jan Purchased 60 units at $3.20 per unit

30 Jan Sold 75 units at a price of $12.75 per unit

 

At the end of the year, they counted the inventory and found 50 units remaining.Is this correct? If incorrect, what is the correct number of units remaining in inventory?How much was the Cost of sales for the year?(Please round to the nearest whole dollor)

 

Required:

Use the following template in your Word document file. (Please round to the nearest whole dollar.)

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