Question

Grays Company has inventory of 19 units at a cost of $7 each on August 1. On August 3, it purchased

29 units at $9 each. 21 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported in cost of goods sold for the 21 units that were sold?

Also calculate the COGS and the value of inventory using WAC method.

Answer 1

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