Engle Retail uses a perpetual inventory system. The following is information about one inventory item...
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Accounting
Engle Retail uses a perpetual inventory system. The following is information about one inventory item for the month of May:
May 1 Inventory 30 units @ $20
May 3 Sold 12 units
May 10 Purchased 10 units @ $25
May 15 Sold 18 units
A) If Engle Retail uses Average Cost, what is the Ending Inventory for May?
B) If Engle Retail uses FIFO, what is the total Gross Profit for May?
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