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H3Ko H3Ko
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7 years ago
Malcom, Inc. had the following balances and transactions during 2017:

Beginning Merchandise Inventory as of January 1, 2017   150 units at $81
March 10   Sold 60 units
June 10   Purchased 270 units at $85
October 30   Sold 210 units

What would be reported as Cost of Goods Sold on the income statement for the year ending December 31, 2017 if the perpetual inventory system and the first-in, first-out inventory costing method are used?
A) $22,350
B) $17,490
C) $12,150
D) $35,100
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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H3Ko Author
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#2
7 years ago
I just realized you had posted this! Thanks so much
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