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What cost of goods sold using fifo is

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Problem 1: On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using FIFO is:

Option 1: $45,000.

Option 2: $36,000.

Option 3: $41,000.

Option 4: None of these.

Reference no: EM132839929

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