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Question - Anne Teak's knick knack store opened for business on May 1 and had the following inventory transactions occur during the month of May:
MAY 1 Purchase (20 units at 51/unit)
MAY 14 Purchase (32 units at 53/unit)
MAY 25 Purchase (26 units at 49/unit)
During the month of May. Anne Teak's Knick knack store sold 48 units at$78 each.
Assuming that a periodic inventory system is used, what is its cost of goods sold using FIFO?
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Compute cost of goods sold, assuming TIK uses: Periodic system, FIFO cost flow and Periodic system, LIFO cost flow
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