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Kane Ltd had a beginning inventory on January 1 of #8605

Kane Ltd had a beginning inventory on January 1 of

Kane Ltd. had a beginning inventory on January 1 of 250 units of product SXL at a cost of $160
per unit. During the year, purchases were as follows:

Kane uses a periodic inventory system. At the end of the year, a physical inventory count
determined that there were 200 units on hand.

Instructions

(a) Determine the cost of goods available for sale.

(b) Determine the cost of the ending inventory and the cost of the goods sold using (1) FIFO
and (2) average cost. (Use unrounded numbers in your calculation of the average unit cost but
round to the nearest cent for presentation purposes in your answer.)

Kane Ltd had a beginning inventory on January 1 of

ANSWER
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