According to FIFO :
Cost of goods = 500*32 + 1000*38
= 16000 + 38000
= $54,000 Answer
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QUESTION 4 On December 31 of last year, Big Old Co. had in inventory 500 units...
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The inventory records of Kuffel Co. reflected the following
information for the year ended December 31, 2019:
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information for the year ended December 31, 2016:
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The accounting records of Old Towne Electronics show the
following data.
Beginning inventory
3,110
units at
$5
Purchases
7,800
units at
$8
Sales
9,060
units at
$10
Determine cost of goods sold during the period under a periodic
inventory system using the FIFO method. (Round answer
to 0 decimal places, e.g. 1,250.)
FIFO
Cost of goods sold during the period
$
Determine cost of goods sold during the period under a periodic
inventory system using the LIFO method. (Round answer...