Question: Refer to the data for Midway Cycles in E6-4A. In E6-4A Requirements 1. Compute the cost of goods sold under FIFO. 2. Compute the cost

Refer to the data for Midway Cycles in E6-4A.
In E6-4A

Requirements
1. Compute the cost of goods sold under FIFO.
2. Compute the cost of goods sold under average cost.
3. Which method results in the higher cost of goods sold?

Datetem Quantity Unit Cost May 1 Balance 10 $243 5 Sale 12 Purchase 21 Sale 30 Sale 12 $252

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