Wildhorse has the following inventory data: July 1 Beginning inventory 55 units at $130 5 Purchases...

 

  

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Wildhorse has the following inventory data: July 1 Beginning inventory 55 units at $130 5 Purchases 324 units at $121 14 Sale 216 units 21 Purchases 162 units at $124 30 Sale 151 units Assuming that a periodic inventory system is used, what is the cost of goods sold on a FIFO basis? Wildhorse has the following inventory data: July 1 Beginning inventory 55 units at $130 5 Purchases 324 units at $121 14 Sale 216 units 21 Purchases 162 units at $124 30 Sale 151 units Assuming that a periodic inventory system is used, what is the cost of goods sold on a FIFO basis?

Answer rating: 100% (QA)

Answer To calculate the cost of goods sold COGS on a FIFO FirstIn FirstOut basis we need to assign c... View the full answer