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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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