Sales during the year were 500 units. Beginning inventory was 250 units at a cost of...
Sales during the year were 500 units. Beginning inventory was 250 units at a cost of $5 per unit. Purchase 1 was 400 units at $6 per unit. Purchase 2 was 200 units at $7 per unit.
Cost of goods sold under the FIFO cost flow assumption (using a periodic inventory system) was:
$3,650
$2,750
$3,200
$2,300
Homework Answers
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Under Fifo, units available first are sold first Cost of Goods Sold = (250*5) + (250*6) = 1250 + 1500 = 2750 Option B |
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