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What was the total cost of goods sold for december

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Question - Paul's Paint acquired the following five cans of paint:

Date

Dec. 2

Dec. 10

Dec. 12

Dec. 16

Dec. 25

Cost

$11.00

$12.00

$13.00

$14.00

$15.00

A December 31 inventory count revealed that three cans remained on the shelf.  The company uses FIFO for valuing inventory and cost of goods sold.

Required: Complete the table and answer the questions below.

Date

Dec. 2

Dec. 10

Dec. 12

Dec. 16

Dec. 25

Total

COGS

 

 

 

 

 

 

Inventory

 

 

 

 

 

 

What was the value of inventory on December 31?

What was the total cost of goods sold for December?

Reference no: EM131645068

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