Question: Walmart Inc. uses the FIFO method for inventory valuation. The following information is available for the month of July: Beginning Inventory: 100 units at $10

Walmart Inc. uses the FIFO method for inventory valuation. The following information is available for the month of July:

  • Beginning Inventory: 100 units at $10 per unit
  • Purchases:
    • July 10: 200 units at $12 per unit
    • July 20: 150 units at $15 per unit
  • Sales: 300 units Calculate the cost of goods sold, ending inventory, and gross profit.

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