Math Problem Statement

Assume the following information:

April 1 Beginning Inventory 8 units at cost of $17 April 10 purchase 10 units at cost of $17 April 12 sale 11 units

Using the perpetual inventory system, what is the amount of Cost of Goods Sold?

Solution

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Math Problem Analysis

Mathematical Concepts

Inventory Management
Cost Accounting
FIFO Method

Formulas

COGS = Cost of Beginning Inventory + Cost of Purchases - Ending Inventory

Theorems

First-In, First-Out (FIFO)

Suitable Grade Level

Grades 10-12

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