Question: ABC Company uses the FIFO method for inventory valuation. Given the following inventory transactions for the month of January: January 1: Beginning inventory - 100

  • ABC Company uses the FIFO method for inventory valuation. Given the following inventory transactions for the month of January:

    • January 1: Beginning inventory - 100 units at $10 each
    • January 10: Purchase - 200 units at $12 each
    • January 20: Purchase - 150 units at $15 each
    • January 25: Sale - 300 units Calculate the cost of goods sold and ending inventory using the FIFO method.

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