Question
Theta Ltd. uses the FIFO method for inventory valuation. It purchased the following inventory items in June: June 1: 100 units at $10 each June
Theta Ltd. uses the FIFO method for inventory valuation. It purchased the following inventory items in June:
- June 1: 100 units at $10 each
- June 15: 150 units at $12 each
- June 30: 200 units at $15 each
Calculate the cost of goods sold for Theta Ltd. in June, assuming it sold 300 units during the month.
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Fundamental financial accounting concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
8th edition
978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365
