Charlie Corporation began the year with 100 units, each costing $15. It made two purchases...
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Accounting
Charlie Corporation began the year with 100 units, each costing $15. It made two purchases of 50 units for $18 each and 125 units for $20 each on February 20 and February 26 respectively. On April 4, the company sold 200 units for $32 each. Assuming Charlie uses FIFO, the entry to record cost of goods sold will include
a: Group of answer choices debit to Inventory and credit to Cost of Goods Sold for $3,400.
b: debit to Cost of Goods Sold and credit to Inventory for $3,775.
c: debit to Cost of Goods Sold and credit to Inventory for $3,564.
d: debit to Inventory and credit to Cost of Goods Sold for $3,564.
e: debit to Cost of Goods Sold and credit to Inventory for $3,400.
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