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Niles Co. has the following data related to an inventory item: Inventory, March 1 200 units at $2.10 Purchase, March 7 700 units at $2.20 Purchase, March 16 140 units at $2.25 Inventory, 31 March 260 units The value assigned to the cost of goods sold if Niles uses FIFO is a) $580.

Niles Co. has the following data related to an inventory item: Inventory, March 1 200 units at $2.10 Purchase, March 7 700 units at $2.20 Purchase, March 16 140 units at $2.25 Inventory, 31 March 260 units The value assigned to the cost of goods sold if Niles uses FIFO is a) $580.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Niles Co. has the following data related to an inventory item: Inventory, March 1 200 units at $2.10 Purchase, March 7 700 units at $2.20 Purchase, March 16 140 units at $2.25 Inventory, 31 March 260 units The value assigned to the cost of goods sold if Niles uses FIFO is a) $580. b) $1,696. c) $1,724. d) $552.
Transcribed Image Text:Niles Co. has the following data related to an inventory item: Inventory, March 1 200 units at $2.10 Purchase, March 7 700 units at $2.20 Purchase, March 16 140 units at $2.25 Inventory, 31 March 260 units The value assigned to the cost of goods sold if Niles uses FIFO is a) $580. b) $1,696. c) $1,724. d) $552.
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