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Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the followin

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Answer #1
FIFO METHOD
PURHASES COST OF GOODS SOLD ENDING INVENTORY
Date Particulars Units Rate Total Units Rate Total Units Rate Total
Aug, 01 Beginning inventory 50 $               35 $1,750
Aug, 03 Sales 45 $                   35 $1,575 5 $               35 $175
Aug, 08 Purchases 90 $                   54 $4,860 5 $               35 $175
90 $               54 $4,860
Aug, 21 Sales 5 $                   35 $175
80 $                   54 $4,320 10 $               54 $540
Aug, 30 Purchases 15 $                   58 $870 10 $               54 $540
15 $               58 $870
                       105 $5,730                           130 $6,070 25 $1,410
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