Homework Answers
FIFO method states that inventory produced first is sold first
Hence, cost of goods sold = 5500*12 + (18000-5500)*(7+4+3)
= $241,000
Gross Profit = Sales – Cost of goods sold
= 18000*14 – 241000
= $11,000
b.Value of ending inventory = 3500*14 = $49000
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