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Calculate the cost of goods sold and ending inventory using FIFO. (HINT: Use two rows to show your cost of goods sold calculation in layers)
Calculate the cost of goods sold and ending inventory using FIFO. (HINT: Use two rows to show your cost of goods sold calculation in layers)
Purchases | Cost of Goods Sold | Inventory Balance | ||||||||||||||||
Date | Units | Cost | Total | Units | Cost | Total | Units | Cost | Total | |||||||||
Apr-01 | Beginning Inventory | |||||||||||||||||
26 | $11 | $286 | 26 | $11 | $286 | |||||||||||||
Apr-15 | 52 | $13 | $676 | 26 | $11 | 286 | ||||||||||||
$ | $ | |||||||||||||||||
Apr-20 | 29 - 26 | $ | $ | |||||||||||||||
3 | $ | $ | $ | $ | ||||||||||||||
Apr-23 | 47 | $14 | $658 | $ | $ | |||||||||||||
$ | $ | |||||||||||||||||
Apr-28 | 54 - 49 | $ | $ | |||||||||||||||
5 | $ | $ | 42 | $ | $ | |||||||||||||
125 | $1,620 | 83 | $ | 42 | $588 |
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