Montana Great Outdoors had the following inventory in fiscal 2012. The company uses the FIFO...
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Accounting
Montana Great Outdoors had the following inventory in fiscal 2012. The company uses the FIFO method of accounting for inventory.
Beginning inventory, August 1, 2011: 140 units at $19.50.
Purchase 300 units at $19.00
Purchase 50 units at $20
Purchase 120 units at $20.30
Ending inventory, July 31, 2012, 130 units
The companies cost of goods sold for fiscal 2012 is:
a. $9,230
b. $2,636
c. $9,331
d. $11,866
e. None of the above
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