Question
1.) On 6/01 a company uses FIFO and had 50 @($5) units on hand at the beginning of the period. It purchased 500 @($7) more
1.) On 6/01 a company uses FIFO and had 50 @($5) units on hand at the beginning of the period. It purchased 500 @($7) more units on 6/15. On 6/16, it sold 400 units. The cost of the goods sold would be:
A. $ 2,000
B. $2,800
C. $2,700
D. $ 3,500
E. None of the above
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Fundamental Accounting Principles Volume 2
Authors: Kermit Larson, Heidi Dieckmann
15th Canadian Edition
1259087360, 9781259087363
