Homework Answers
Beginning inventory value=(166320/2640)=$63 per unit
Cost per unit for units completed during the year=792,000/12000
=$66 per unit
Hence as per FIFO;cost of goods sold=(2640 units@$63 per unit)+(8190 units@$66 per unit)
=$706860
NOTE:
As per FIFO;goods purchased first are sold off first.Hence 10830 units sold would consist of 2640 units of beginning inventory and the balance =(10830-2640)=8190 units of units completed during the year.
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