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Question8

Pischke inc. is a whole seller of paper products. They began the year with 100 bundles of paper during the year which cost $10 each. They purchased $8,000 of inventory during the year, with the cost increasing to $20 per bundle. When they counted at the end, they found they had 200 bundles left. What would cost of goods sold be if they employed the FIFO (First-In, First-Out) method of inventory costing?