ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the month, it had two sales. Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10.
|Jan 1||Beginning Inventory||8 @ $12= $96|
|Jan 5||Purchase||12 @ $15= $180|
|Jan 25||Purchase||10 @ $18= $180|
|Jan 10||Sale||11 units x $50 each|
|Jan 30||Sale||3 units x $55 each|
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