A merchandiser that uses a periodic inventory system made the following cash purchases and sales during the year. There was no beginning inventory. The company has a calendar year-end and uses the FIFO inventory valuation method. Calculate the ending inventory balance and cost of goods sold for the year.

Question

A merchandiser that uses a periodic inventory system made the following cash purchases and sales during the year. There was no beginning inventory.  The company has a calendar year-end and uses the FIFO inventory valuation method. Calculate the ending inventory balance and cost of goods sold for the year.

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The Answer of A merchandiser that uses a periodic inventory system made the following cash purchases and sales during the year. There was no beginning inventory.  The company has a calendar year-end and uses the FIFO inventory valuation method. Calculate the ending inventory balance and cost of goods sold for the year.

A Merchandiser That Uses a Periodic Inventory System Made the Following