Question
ABC Co has the following information in regard to its inventory. Date Description Units Cost Total Costs January 1 Beginning Inventory 10 $100 $1,000 January
ABC Co has the following information in regard to its inventory.
Date Description Units Cost Total Costs
January 1 Beginning Inventory 10 $100 $1,000
January 10 Purchases 20 $110 $2,200
January 25 Purchases 15 $115 $1,725
ABC Co. sold 40 units during January.
What is the cost of goods sold for January if they use the FIFO costing method?
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Auditing And Other Assurance Services
Authors: Alvin Arens, James Loebbecke, W Lemon, Ingrid Splettstoesser
9th Canadian Edition
0130091243, 978-0130091246
