Question
Farley Corporation begins the year with a beginning inventory of 3,700 units at $5 per unit. The company buys 5,700 units at $4 each in
Farley Corporation begins the year with a beginning inventory of 3,700 units at $5 per unit. The company buys 5,700 units at $4 each in February and 2,700 units at $6 each in March. Farley sells 1,300 units during this quarter. Farley has a perpetual inventory system and uses the FIFO inventory costing method.
What is the cost of goods sold for the quarter?
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Quantitative Methods For Business
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
11th Edition
978-0324651812, 324651813, 978-0324651751
