Cost of goods sold-fifo cost flow
Ricochet Company completed 56,000 units during the year at a cost of $784,000. The beginning finished goods inventory was 8,000 units at $76,000. Determine the cost of goods sold for 37,000 units, assuming a FIFO cost flow.
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Question 1: Determine the quantity of framing, glass, and backing that is to be purchased during August. Question 2: Determine the total costs of direct materials for August purchases.
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