Essay
Cho Co. sells product
A. The beginning inventory for product A was 70 units @ $60 per unit. During the year, Cho purchased 110 units of product A at $54 per unit. The company sold 140 units of product A @ $100 per unit at the end of the year.Required:
Determine the amount of product cost that would be allocated to cost of goods sold and ending inventory using (1) FIFO, (2) LIFO, and (3) weighted average.
Correct Answer:
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(1) FIFO 
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