Renoir Associates had the following inventory data:
Assuming FIFO, what is the cost of goods sold for the July 14 sale? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.)
A) $453
B) $448
C) $454
D) $456
A) $453
Explanation: (unit cost July 4 × 3) + (unit cost July 11 × 5). Ex: ($56 × 3) + ($57 × 5) = $453
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