Using the first-in, first-out inventory system, the cost of the 3 goods sold is assumed to be $30.
The first-in, first-out is an inventory system where the cost of good sold would be taken from inventories that were bought the earliest. The cost of ending inventory would be the inventories that were purchased last.
The cost of the 3 units of the goods bought would be the cost of the beginning inventory. The cost of the beginning inventory is $10.
The cost of goods sold = cost of beginning inventory x units sold.
$10 x 3 = $30
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