Davenport Docking uses a perpetual inventory accounting system and a first-in, first-out (FIFO) inventory costing method. Within this workbook there is a worksheet labeled “Inventory Control”. You will need to update this worksheet EVERYTIME a purchase or sale of INVENTORY is made. As part of that process you will be calculating the value of COGS each time you generate a sale of Inventory. Use the “Inventory Control” worksheet to calculate your COGS values.
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