(Answered) Question - ricardo reyes uses the first-in first-out fifo

Accounting

Question - Ricardo Reyes uses the first-in first-out (FIFO) method to account for inventory and has the following activity during the month of May: Units Unit Cost Beginning Inventory 10 units @ $5.00 Purchase #1 is 2 units @ $7.00 Purchase #2 is 5 units @ $8.00 During May, Ricardo sells 15 units. Compute the cost of goods sold for May and the ending inventory balance.

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