Question: Big Zero uses a FIFO periodic Inventory method. On November 1, the company has an inventory balance of 20 units, costing $20 each. The
Big Zero uses a FIFO periodic Inventory method. On November 1, the company has an inventory balance of 20 units, costing $20 each. The company's physical count at the end of the month gives a total of 4 units. Calculate the cost of goods sold for the month. Date Units Cost/Unit Total Cost Nov 3 Nov 8 Purchased Nov 12 Purchased Nov 15 Sale of 10 units Hint: Compute the ending inventory and the beginning inventory first. Sale of 15 units 6 3 $22 $132 $27 $81
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