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Compute the amount reported as Cost of Goods Sold? Inventory FIFO- First-in-First-out LIFO Last-in-First-out Use the following information to answer the next 5 questions. SHOW
Compute the amount reported as Cost of Goods Sold?
Inventory FIFO- First-in-First-out LIFO Last-in-First-out Use the following information to answer the next 5 questions. SHOW WORK During the month of lanuary, the following events occurred 10 units at $20 each $ 200 30 units at $30 each 900 10 units at $40 each 400 $1.500 Beginning inventory January 20th purchase January 30th purchase Goods available for sale units The company sells 40 units to customers for $100 each. For the FIFO inventory cost-flow assumption. 16. Compute the amount reported as Cost of Goods Sold (COGS). 17. For January, how much is ending inventory? For the LIFO inventory cost-flow assumption 18. Compute the amount reported as Cost of Goods Sold (COGS) 19. For February, the next month, how much is beginning inventory? For the Average-Cost inventory cost-flow assumption. 20. Compute the amount reported as Cost of Goods Sold (COGS)Step by Step Solution
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