Question: QUESTION I: FIX-IT INC. (20 points) Fix-IT Inc., whose fiscal year ends on December 31, is a company that specializes in selling refurbished smartphones. It

QUESTION I: FIX-IT INC. (20 points) Fix-IT Inc., whose fiscal year ends on December 31, is a company that specializes in selling refurbished smartphones. It buys old and broken smartphones and resells the fixed Smartphones. Assume that the beginning balance of its inventory for FY 2021 was 0. Below is its inventory purchase schedule for FY 2021: Date Unit Cost Quantity January 16, 2021 $50 200 June 1, 2021 $40 180 August 31, 2021 $45 30 September 22, 2021 $35 120 December 3, 2021 $35 60 In addition, below is its sales transactions for FY 2021: Date Unit Price Quantity May 9, 2021 $70 150 November 21, 2021 $80 300 December 25, 2021 $75 70

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