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Example 2: FIFO A company sells widgets, and they have the following inventory transactions for...

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Example 2: FIFO A company sells widgets, and they have the following inventory transactions for the month of April: Using the FIFO method, we assume that the first items purchased are the first items sold. Therefore, we need to calculate the cost of goods sold (COGS) for each sale by using the price of the oldest inventory on hand at the time of the sale

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