Suppose that Sunland has the following inventory data: Nov. 1 Inventory 10 units @ $7 each 100 units @ $7.45 each 60 units @ $7.30 each Purchase 80 units @ $7.60 each 8 17 25 Purchase Purchase The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 90 units on hand. Cost of goods sold under FIFO is O $666. O $681. O $1180. O $1419.

Suppose that Sunland has the following inventory data: Nov. 1 Inventory 10 units @ $7 each 100 units @ $7.45 each 60 units @ $7.30 each Purchase 80 units @ $7.60 each 8 17 25 Purchase Purchase The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 90 units on hand. Cost of goods sold under FIFO is O $666. O $681. O $1180. O $1419.

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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