Question
Grays Company has inventory of 29 units at a cost of $10 each on August 1. On August 3, it purchased 39 units at $11
Grays Company has inventory of 29 units at a cost of $10 each on August 1. On August 3, it purchased 39 units at $11 each. 31 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 31 units that were sold?
Multiple Choice
A. $899 B. $318 C. $316 D. $312 E. $139
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The Chief Value Officer Accountants Can Save The Planet
Authors: Mervyn King, Jill Atkins
1st Edition
1783532939, 978-1783532933
