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The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61; First purchase 15 units
The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61; First purchase 15 units at $63; Second purchase 10 units at $74; Third purchase 10 units at $77 There are 20 units of the commodity on hand at the end of the year. What is the amount of cost of goods sold for the year according to the FIFO method? A. $1,510 B. $1,380 C. $1,375 D. $1,250
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th Edition
978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018
