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The Brentwood Company sells blankets for $60 each. The following was taken from the inventory records...

The Brentwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company sold 20 blankets in the month of May. May 5 10 units @ $30, May 12 20 units @ $35, and  May 30 20 units @$40. Assuming that the company uses the periodic inventory system, determine the Cost of Goods Sold using the FIFO inventory cost method.

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Answer #1
First-in, first-out (FIFO) : In this method those goods are sold first which are purchased first and the ending inventory is from the latest purchases.
Total units sold 20
Cost of goods sold = ( 10*30 ) + ( 10*35 ) = 650
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