Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO) inventory Date of purchase Units purchased Cost per unit Retail price per unit $850 $965 Beginning inventory February 5 February 9 March 3 Units sold The cost of goods sold is $ (Type an integer or a decimal.) 42 22 16 25 66 $1,760 $965 $470 $2,115 $1,205 $600
Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO) inventory Date of purchase Units purchased Cost per unit Retail price per unit $850 $965 Beginning inventory February 5 February 9 March 3 Units sold The cost of goods sold is $ (Type an integer or a decimal.) 42 22 16 25 66 $1,760 $965 $470 $2,115 $1,205 $600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO) inventory method.
Date of purchase Units purchased
Cost per unit Retail price per unit
$850
$965
Beginning inventory
February 5
February 9
March 3
Units sold
The cost of goods sold is $
(Type an integer or a decimal.)
42
22
16
25
66
$1,760
$965
$470
$2,115
$1,205
$600
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