Question: Pharoah Software has the following inventory data: Nov. 1 Inventory 25 units @ $5.00 each 8 Purchase 101 units @ $5.40 each 17 Purchase 50
Pharoah Software has the following inventory data:
| Nov. 1 | Inventory | 25 units @ $5.00 each | ||
| 8 | Purchase | 101 units @ $5.40 each | ||
| 17 | Purchase | 50 units @ $5.30 each | ||
| 25 | Purchase | 76 units @ $5.50 each |
The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 84 units on hand. Assuming that the specific identification method is used and that ending inventory consists of 25 units from each of the three purchases and 9 units from the November 1 inventory, the cost of goods sold, rounded to the nearest dollar, is
$903.
$898.
$871.
$257.
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