ABC Company sells 75 units on June 3. The inventory data on that date are: Lot Date Acquired Units Cost per Unit Total Cost S-3 May 12 30 10.50 315 S-4 May 25 60 10.75 645 S-5 June 1 50 11.00 550 What amount of COGS should ABC record for the June 3 sale if it uses the FIFO (first-in, first-out) method? S818.75 S825.00 S787.50 S798.75

ABC Company sells 75 units on June 3. The inventory data on that date are: Lot Date Acquired Units Cost per Unit Total Cost S-3 May 12 30 10.50 315 S-4 May 25 60 10.75 645 S-5 June 1 50 11.00 550 What amount of COGS should ABC record for the June 3 sale if it uses the FIFO (first-in, first-out) method? S818.75 S825.00 S787.50 S798.75

Name: ABC Company sells 75 units on June 3. The inventory data on that date
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Description: ABC Company sells 75 units on June 3. The inventory data on that date are:LotDate AcquiredUnitsCost per UnitTotal CostS-3May 123010.50315S-4May 256010.75645S-5June 15011.00550What amount of COGS should ABC record for the June 3 sale if it uses the F

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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