Solution-Compute the cost of goods sold for the year

Compute the cost of goods sold for the year

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Reference no: EM132437292

Question - Gonzalez Company had the following information for the year ending December 31:

	Units	Unit Cost
Beginning inventory	340	$45
Purchase: April 6	460	44
Sale: May 4	550
Purchase: July 19	590	43
Sale: September 9	380
Purchase: October 10	100	32

Gonzalez uses the perpetual inventory system and the FIFO method.

Required: Using FIFO

(a) Compute the cost of ending inventory.

(b) Compute the cost of goods sold for the year.

Reference no: EM132437292

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Compute the cost of goods sold for the year

Reference no: EM132437292

Reference no: EM132437292

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