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Aiello, Inc. had the following inventory in its fiscal year. The company uses the FIFO method of accounting for inventory. Beginning Inventory, January 1: 195
Aiello, Inc. had the following inventory in its fiscal year. The company uses the FIFO method of accounting for inventory.
Beginning Inventory, January 1: | 195 | units @ $15.00 |
Purchase | 300 | units @ $18.00 |
Purchase | 75 | units @ $13.50 |
Purchase | 165 | units @ $15.75 |
Ending Inventory, December 31: | 180 | units |
The companys cost of goods sold for its fiscal year is:
Select one:
a. $9,236.25
b. $9,101.25
c. None of these are correct.
d. $7,958.63
e. $9,135.00
Aiello, Inc. had the following inventory in its fiscal year. The company uses the LIFO method of accounting for inventory.
Beginning Inventory, January 1: | 260 | units @ $15.00 |
Purchase | 400 | units @ $18.00 |
Purchase | 100 | units @ $13.50 |
Purchase | 220 | units @ $15.75 |
Ending Inventory, December 31: | 240 | units |
The companys cost of goods sold for its fiscal year is:
Select one:
a. $12,180.00
b. $12,315.00
c. $3,600.00
d. $10,611.50
e. None of these are correct.
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