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Date Activities Units Acquired at Cost 10 units @ $10 August 1 Beginning inventory = $100 August 3 Purchase 20 units e $12 $240 %3D August 6 Sales

Date Activities Units Acquired at Cost 10 units @ $10 August 1 Beginning inventory = $100 August 3 Purchase 20 units e $12 $240 %3D August 6 Sales

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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Grays Company has the following purchases and sales during the month of August. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 12 units that were sold? Date Activities Units Acquired at Cost 10 units @ $10 = $100 20 units@ $12 = $240 Units Sold at Retail August 1 Beginning inventory August 3 Purchase August 6 Sales 12 units sold Multiple Choice $128. $130. $124. $140.
Transcribed Image Text:Grays Company has the following purchases and sales during the month of August. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 12 units that were sold? Date Activities Units Acquired at Cost 10 units @ $10 = $100 20 units@ $12 = $240 Units Sold at Retail August 1 Beginning inventory August 3 Purchase August 6 Sales 12 units sold Multiple Choice $128. $130. $124. $140.
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