CUst of göóds sold will be lower under QUESTION 6 Automobile Audio has the following inven Nov. 1 Inventory Purchase 17 Purchase 25 Purchase AA sold 100 units on November 26. Wha O $657.00 $660.00 O $632 O $631.50 QUESTION 7 Click Save and Submit to save and submit. (United States)
CUst of göóds sold will be lower under QUESTION 6 Automobile Audio has the following inven Nov. 1 Inventory Purchase 17 Purchase 25 Purchase AA sold 100 units on November 26. Wha O $657.00 $660.00 O $632 O $631.50 QUESTION 7 Click Save and Submit to save and submit. (United States)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 6?
Transcribed Image Text:Cost of goods sold will be lower under LIFO than under FIFO.
QUESTION 6
Automobile Audio has the following inventory data:
Nov. 1
Inventory
Purchase
30 units @ $6.00 each
120 units @ $6.45 each
60 units @ $6.30 each
90 units @ $6.60 each
17
Purchase
25
Purchase
AA sold 100 units on November 26. What amount of COGS should AA recognize if it uses the FIFO (first-in, first-out) method?
$657.00
$660.00
$632
O $631.50
QUESTION 7
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