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20. Oreo Company started operations in 2021. The following data are abstracted from the purchases and sales records: 2021 2022 2023 Units purchased Number of units sold 100,000 145,000 130,000 160,000 155,000 135,000 Unit cost 40 50 60 The entity used FIF0 method. What amount should be reported as cost of goods sold for 2023? 7,800,000 O 7,100,000 O 7,700,000 8,300,000

20. Oreo Company started operations in 2021. The following data are abstracted from the purchases and sales records: 2021 2022 2023 Units purchased Number of units sold 100,000 145,000 130,000 160,000 155,000 135,000 Unit cost 40 50 60 The entity used FIF0 method. What amount should be reported as cost of goods sold for 2023? 7,800,000 O 7,100,000 O 7,700,000 8,300,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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20. Oreo Company started operations in 2021. The following data are abstracted from the purchases and sales records: 2021 2022 2023 Units purchased Number of units sold 100,000 145,000 130,000 160,000 155,000 135,000 Unit cost 40 50 60 The entity used FIF0 method. What amount should be reported as cost of goods sold for 2023? 7,800,000 O 7,100,000 7,700,000 8,300,000
Transcribed Image Text:20. Oreo Company started operations in 2021. The following data are abstracted from the purchases and sales records: 2021 2022 2023 Units purchased Number of units sold 100,000 145,000 130,000 160,000 155,000 135,000 Unit cost 40 50 60 The entity used FIF0 method. What amount should be reported as cost of goods sold for 2023? 7,800,000 O 7,100,000 7,700,000 8,300,000
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