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1.)
Spring Co. began the month with 30 units of inventory that cost $50 each. On January 4, Spring purchase 85 units for $55 each, on account. January 8 sell, on account, 80 units for $70 each.

Assuming FIFO perpetual method:
Prepare the necessary journal entries
What is the Dollar Value of Cost of Goods Sold at January 31?
What is the Dollar Value of Ending Inventory at January 31?
What is the Gross Margin?

2.)
Spring Co. began the month with 30 units of inventory that cost $50 each. On January 4, Spring purchase 85 units for $55 each, on account. January 8 sell, on account, 80 units for $70 each.

Assuming LIFO perpetual method:
Prepare the necessary journal entries
What is the Dollar Value of Cost of Goods Sold at January 31?
What is the Dollar Value of Ending Inventory at January 31?
What is the Gross Margin?

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