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Max Company's first year in operation was Year 1. The following inventory purchase information comes from Max's accounting records for the year. 19January 120 units
Max Company's first year in operation was Year 1. The following inventory purchase information comes from Max's accounting records for the year.
19January | 120 units @ $285 |
---|---|
20April | 240 units @ $309 |
15October | 90 units @ $325 |
In December Year 1, Max sold 350 units for $480 each. Operating expenses for the year were $30,000.
Required:
Calculate the profit under FIFO (NOTE: you must calculate the cost of goods sold under FIFO first)
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