Cost of Goods Sold Curl Company completed 240,000 units during the year at a cost of...
Cost of Goods Sold
Curl Company completed 240,000 units during the year at a cost of $1,920,000. The beginning finished goods inventory was 24,000 units at $120,000. Determine the cost of goods sold for 163,000 units, assuming a FIFO cost flow.
Homework Answers
| Answer | |
|
CALCULATE COST OF GOODS SOLD UNDER FIFO : |
|
| In Sale of 163,000 units : | |
| Amount | |
| Beginning finished goods inventory | $ 120,000 |
| add: Units completed during the year (1920000*43000/240000) | $ 344,000 |
| Cost of goods sold | $ 464,000 |
| so cost of goods sold for 163000 units is Rs. $464,000 | |
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