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Maxell Company Uses the FIFO Method to Assign Costs to Inventory

Question 72

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Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold.The company uses a periodic inventory system.Consider the following information:
Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold.The company uses a periodic inventory system.Consider the following information: What amounts would be reported as the cost of goods sold and ending inventory balances for the year? A) Cost of goods sold $625; Ending inventory $175 B) Cost of goods sold $755; Ending inventory $225 C) Cost of goods sold $550; Ending inventory $250 D) Cost of goods sold $600; Ending inventory $200
What amounts would be reported as the cost of goods sold and ending inventory balances for the year?


A) Cost of goods sold $625; Ending inventory $175
B) Cost of goods sold $755; Ending inventory $225
C) Cost of goods sold $550; Ending inventory $250
D) Cost of goods sold $600; Ending inventory $200

Correct Answer:

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