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A company has the following purchases and sales during March. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold?
A company has the following purchases and sales during March. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold?
Date | Activities | Units Acquired at Cost | Units Sold at Retail |
---|---|---|---|
March 1 | Beginning inventory | 10 units @ $20 = $200 | |
March 2 | Purchase | 10 units @ $22 = $220 | |
March 6 | Purchase | 6 units @ $25 = $150 | |
March 8 | Sales | 22 units @ $54 |
Multiple Choice
$450
$470
$570
$520
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