Question
Trumpeting Trumpets has the following inventory data: July 1 5 14 21 30 Beginning inventory 50 units at $120 Purchases 300 units at $112 Sale
Trumpeting Trumpets has the following inventory data:
July 1
5
14
21
30
Beginning inventory
50 units at $120
Purchases
300 units at $112
Sale
200 units
Purchases
150 units at $115
Sale
140 units
Assuming that a periodic inventory system is used, what is the cost of goods sold on a FIFO basis?
a. $18,320
C b. $18,370
c. $38,530 % d. $38.480
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Accounting And Finance For Non Specialists
Authors: Eddie McLaney
9th Edition
1292062711, 9781292062716
