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What will the cost of sales expense be for the items sold

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Reference no: EM132991144

Question - A company purchased merchandise to be resold at increasing cost during the year 2019. The purchases were made at the following costs

01/01/2019 Carried over from 2018 20 units at $10

25/01/2019 Purchase 40 units at $14.50

20/05/2019 Purchase 40 units at $16

10/10/2019 Purchase 50 units at $18

The company sold 10 items at the end of each month. Assuming the FIFO periodic cost flow assumption, what will the cost of sales expense be for the items sold in 2019?

Reference no: EM132991144

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