Question: Refer to the data for Cycle Guys in E6-4B. In E6-4B Requirements 1. Compute the cost of goods sold under FIFO. 2. Compute the cost

Refer to the data for Cycle Guys in E6-4B.
In E6-4B

Requirements
1. Compute the cost of goods sold under FIFO.
2. Compute the cost of goods sold under average cost.
3. Which method results in a higher cost of goods sold?

QuantityUnit Cost Date Dec 1 Balance Item 12 $225 5 Sale 12 Purchase 21 Sale 30 Sale 10 $220

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