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Assume the following data for Prei Trading for 2019: Beginning inventory 10 units at $7 each March 18 purchase 15 units at $9 each June
Assume the following data for Prei Trading for 2019: Beginning inventory 10 units at $7 each March 18 purchase 15 units at $9 each June 10 purchase 20 units at $10 each October 30 purchase 12 units at $11 each On December 31, a physical count reveals 15 units in ending inventory. Refer to Table 6-1. Assume a perpetual inventory system and all sales occurred prior to October 30th. Under the FIFO method, cost of goods sold on the income statement would be: A) $537. B) $375. C) $162. D) $420.
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