Saved Help Save & Exit Submit A company has beginning inventory of 12 units at a...

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Saved Help Save & Exit Submit A company has beginning inventory of 12 units at a cost of $28 each on February 1. On February

Answer 1

Answer #1

FIFO method states that goods purchased first are sold first

Hence, cost of goods sold is as follows:

12 Units @ $28 each = $336

5 units @30 each = $150

Hence, cost of goods sold = $486

Hence, the answer is $486

Answer 2

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