A company has the following purchases and sales during February. Using the FIFO periodic inventory...
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Accounting
A company has the following purchases and sales during February. Using the FIFO periodic inventory method, what is the cost of the 12 units that are sold?
| Date | Activities | Units Acquired at Cost | Units Sold at Retail |
|---|---|---|---|
| February 1 | Beginning inventory | 10 units @ $12 = $120 | |
| February 3 | Purchase | 20 units @ $14 = $280 | |
| February 5 | Sales | 12 units sold |
Multiple Choice
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$144
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$148
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$146
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$152
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$164
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