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Gladstone Company tracks the number of units purchased and sold throughout each accounting period but...

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Accounting

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 1,700 $ 45 Transactions during the year: a. Purchase, January 30 3,800 56 b. Sale, March 14 ($100 each) (2,100)

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