Question
Meghan Inc.s Inventory as of April 24th shows the following lots: April 2nd 51 units @ $26 per unit April 7th 67 units @ $32
Meghan Inc.s Inventory as of April 24th shows the following lots:
April 2nd 51 units @ $26 per unit
April 7th 67 units @ $32 per unit
April 13th- 14 units @ $34 per unit
April 22nd 22 units @$40 per unit
On April 25th, Meghan Inc. sold 123 units to Stephen at a price of $68 per unit. Meghan Inc. uses the First In, First Out (FIFO) Costing Method.
Required: For the April 25th sale, (A) what is the Cost of the Goods Sold (B) how many units at what unit cost remain in ending inventory?
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