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What is the cost of goods sold on a fifo basis

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Reference no: EM132533409

Bongo Bonanza has the following inventory data:

July 1 Beginning inventory 50 units at $120

6 Purchases 291 units at $112

14 Sale 240 units @ $150/unit

20 Purchases 150 units at $115

30 Sale 140 units @ $152/unit

Question 1: Assuming that a periodic inventory system is used, what is the cost of goods sold on a FIFO basis, and the Gross Profit?

Reference no: EM132533409

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