Glasgow Enterprises started the period with 70 units in beginning inventory that cost $2.50 each. During the period, the company purchased inventory items as follows. Glasgow sold 380 units after purchase 3 for $10.80 each.
Purchase No. of Items Cost
1 360 $ 3.00
2 120 $ 3.10
3 60 $ 3.50
Glasgow's cost of goods sold under FIFO would be:
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Glasgow Enterprises started the period with 70 units in beginning inventory that cost $2.50 each. Du...
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