Solution-Determine the cost of goods sold

Determine the cost of goods sold

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Reference no: EM133050709

Question - K-tel Industries had the following activity with one of its inventory items during the current period:

		Units	Unit Cost
Beginning inventory		30	$8.00
Purchase	December 5	80	10.50
Sale	December 11	(40)
Purchase	December 17	60	12.00
Sale	December 26	(70)

Required - Using a perpetual inventory system and the FIFO cost formula, determine the cost of goods sold?

Reference no: EM133050709

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Determine the cost of goods sold

Reference no: EM133050709

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