The GMA corporation shows the following data related to an item of Inventory Inventory, January 1 100 units @P50 Purchases, January 9 300 units @ P54 Purchases, January 19 90 units @ P60 Sales, January 20 340 units Inventory, January 31 150 units What value should be assigned to cost of goods sold using FIFO? O 12,960 O None of the above O 5,000 O 17,960 O 8,640

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The GMA corporation shows the following data related to an
item of Inventory
Inventory, January 1
100 units @P50
Purchases, January 9
300 units @ P54
Purchases, January 19
90 units @ P60
Sales, January 20
340 units
Inventory, January 31
150 units
What value should be assigned to cost of goods sold using FIFO?
O 12,960
O None of the above
O 5,000
O 17,960
O 8,640
Transcribed Image Text:The GMA corporation shows the following data related to an item of Inventory Inventory, January 1 100 units @P50 Purchases, January 9 300 units @ P54 Purchases, January 19 90 units @ P60 Sales, January 20 340 units Inventory, January 31 150 units What value should be assigned to cost of goods sold using FIFO? O 12,960 O None of the above O 5,000 O 17,960 O 8,640
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