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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 Beginning inventory 42 ​$860 ​$965 February 5 25 ​$1,770 ​$2,115 February 9 19 ​$945 ​$1,208 March 3 27 ​$490 ​$600 Units sold 81           Question content area bottom Part 1 The cost of goods sold is ​$enter your response here. ​(Type an integer or a​ decimal.)

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 Beginning inventory 42 ​$860 ​$965 February 5 25 ​$1,770 ​$2,115 February 9 19 ​$945 ​$1,208 March 3 27 ​$490 ​$600 Units sold 81           Question content area bottom Part 1 The cost of goods sold is ​$enter your response here. ​(Type an integer or a​ decimal.)

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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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
Beginning inventory
42
​$860
​$965
February 5
25
​$1,770
​$2,115
February 9
19
​$945
​$1,208
March 3
27
​$490
​$600
Units sold
81
 
 
 
 
 

Question content area bottom

Part 1
The cost of goods sold is
​$enter your response here.
​(Type an integer or a​ decimal.)
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