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Determine the cost of goods sold during the period under a periodic inventory system using the FIFO method

Determine the cost of goods sold during the period under a periodic inventory system using the FIFO method

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 5: The accounting records of Trya co. show the following data. • Beginning inventory 14,000 units at 3 AED • Purchases 16,000 units at 4 AED • Sales 17,000 units at 12 AED Instructions Determine the cost of goods sold during the period under a periodic inventory system using the FIFO method
Transcribed Image Text:Question 5: The accounting records of Trya co. show the following data. • Beginning inventory 14,000 units at 3 AED • Purchases 16,000 units at 4 AED • Sales 17,000 units at 12 AED Instructions Determine the cost of goods sold during the period under a periodic inventory system using the FIFO method
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