Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March 7 1,400 units @ $2.20 Purchase, March 16 280 units @ $2.25 March 31 520 units The value assigned to cost of goods sold if Niles uses FIFO is: A) $3,448. B) $3,392. C) $1,160. D) $1,104.
- Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March 7 1,400 units @ $2.20 Purchase, March 16 280 units @ $2.25 March 31 520 units
The value assigned to cost of goods sold if Niles uses FIFO is: A) $3,448. B) $3,392. C) $1,160. D) $1,104.
2. Emley Company has been using the LIFO method of
3. Nichols Company had 500 units of “SIO” in its inventory at a cost of $5 each. It purchased, for $2,400, more units of “SIO”. Nichols then sold 600 units at a selling price of $10 each, resulting in a gross profit of $2,100. The cost flow assumption used by Nichols: A) is FIFO. B) is weighted average. C) is LIFO. D) cannot be determined from the information given.
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