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On December 31, 2009, the Italian Pasta Company's ending inventory consisted of 100 bags of fettuccine at a cost of $0.75 per bag. Throughout January 2010, the Italian Pasta Company purchased and sold additional bags of fettuccine. Refer to the table below for additional information.

-Assume that the Italian Pasta Company uses a FIFO perpetual inventory system. Cost of goods sold for January 2010, is

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On December 31, 2009, the Italian Pasta Company's ending inventory consisted of 100 bags of fettuccine at a cost of $0.75 per bag. Throughout January 2010, the Italian Pasta Company purchased and sold additional bags of fettuccine. Refer to the table below for additional information.
 
-Assume that the Italian Pasta Company uses a FIFO perpetual inventory system. Cost of goods sold for January 2010, is

Quizplus · Accepted Answer

Under a FIFO (First-In, First-Out) perpetual inventory system, the cost of goods sold is calculated based on the cost of the oldest inventory items being sold first. Without specific inventory purchase and sale details, it's not possible to calculate the exact cost of goods sold. However, the correct answer would depend on the specific transactions that occurred during January 2010, which are not provided in the question. The choice provided as correct (D) is based on the assumption that specific details were given in the original question scenario that led to calculating $462.50 as the cost of goods sold for January 2010.

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