Question
Renoir Associates had the following inventory data: Date Quantity Unit Cost July 1. Beginning inventory 5 $55 July 4 Purchase 10 $53 July 7 Sale
Renoir Associates had the following inventory data:
Date Quantity Unit Cost
July 1. Beginning inventory 5 $55
July 4 Purchase 10 $53
July 7 Sale 12
July 11 Purchase 9 $54
July 14 Sale 8
Assuming FIFO, what is the cost of goods sold for the July 14 sale? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.)
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International Accounting
Authors: Timothy Doupnik, Mark Finn, Giorgio Gotti, Hector Perera
5th edition
1259747980, 9781259747984, 1260466531, 978-1260466539
