Question
Grays Company has inventory of 10 units at a cost of $10 each on August 1. On August 3, it purchased 20 units at $12
Grays Company has inventory of 10 units at a cost of $10 each on August 1. On August 3, it purchased 20 units at $12 each. 12 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported in cost of goods sold for the 12 units that were sold?
$120.$124.$128.$130.$140.
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Essentials Of Forensic Accounting
Authors: Michael A Crain, William S Hopwood,
1st Edition
1941651100, 978-1941651100
