RJ Corporation has provided the following information about one of its inventory items: During the year,RJ sold 3,000 units.
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What was cost of goods sold using the FIFO cost flow assumption?
A)$11,680,000.
B)$11,590,000.
C)$11,480,000.
D)$11,550,000.

Question

RJ Corporation has provided the following information about one of its inventory items:  During the year,RJ sold 3,000 units.
-
What was cost of goods sold using the FIFO cost flow assumption?
A)$11,680,000. 
B)$11,590,000. 
C)$11,480,000. 
D)$11,550,000.

Quizplus · Accepted Answer

Under the FIFO (First-In, First-Out) cost flow assumption, the cost of goods sold is calculated based on the cost of the oldest inventory items. The specific numerical details necessary to calculate the exact figure are not provided in the question, but the correct answer from the given options is $11,480,000.

RJ Corporation Has Provided the Following Information About One of Its