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What is the cost of goods sold on a FIFO basis

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Reference no: EM132618909

Question - Bongo Bonanza has the following inventory data:

July 1 Beginning inventory 50 units at $120

July 6 Purchases 290 units at $112

July 14 Sale 240 units @ $150/unit

July 20 Purchases 150 units at $115

July 30 Sale 140 units @ $152/unit

Required - 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: EM132618909

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