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What is the amount transferred to the cost of goods sold

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Question - A company had the following transactions related to holiday wreaths:

November 1, 2020 - purchased 40 wreaths for $15 each.

Between November 2 and November 29, 2020 - sold $1,000 worth of wreaths for a sales price of $50 each.

November 30, 2020 - purchased 85 wreaths for $20 each.

Between December 1, 2020 and December 31, 2020 - sold $5,000 worth of wreaths for a sales price of $50 each.

If the company uses the FIFO method for recording their inventory, what is the amount transferred to the cost of goods sold account during the month of December 2020?

Reference no: EM132592946

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