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FIFO method Inventory transactions October: Description #bottles cost/bottle OCT 1, beginning inventory 31 $165 OCT 8, purchase 9 $169 OCT 12, purchase 4 $167 OCT
FIFO method
Inventory transactions October:
Description #bottles cost/bottle
OCT 1, beginning inventory 31 $165
OCT 8, purchase 9 $169
OCT 12, purchase 4 $167
OCT 20, purchase 6 $160
Summary
#bottles sold - 40
Selling prices/bottle - $206
Calculate:
Cost of goods sold month ended OCT 31 -
Ending inventory as of OCT 31 -
Gross profit month ended OCT 31 -
Please show work. I'm really trying to understand this. Thank you.
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