Question: Using a perpetual inventory system and the FIFO method, assume you have inventory with the following cost data: 1. On Jan. 1, the beginning

Using a perpetual inventory system and the FIFO method, assume you have

Using a perpetual inventory system and the FIFO method, assume you have inventory with the following cost data: 1. On Jan. 1, the beginning inventory is 6 units @ $10 2. On Jan. 15, 10 units @ $11 are purchased. 3. On Jan. 16, 5 units with a retail sales amount of $20 each are sold. 4. What would be the cost of merchandise sold for these 5 units? Use the Inventory Template to help you answer this question.

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