Question

11. Niles Co. has the following data related to an item of inventory:Inventory, March 1150 units@ $1.75Purchase, March 7600 units@ $2.00Purchase, March 16280 units@ $2.15Sale, March 31520 unitsThe value assigned to cost of goods sold if Niles uses perpetual FIFO is

11. Niles Co. has the following data related to an item of inventory: Inventory, March 1 150 units @ $1.75 Purchase, March 7 600 units @ $2.00 Purchase, March 16 280 units @ $2.15 Sale, March 31 520 units The value assigned to cost of goods sold if Niles uses perpetual FIFO is

Answer 1

Cost of Goods Sold under Fifo = (150*1.75) + (520-150)*2 = (150*1.75) + (370*2) = 1002.50 (or) 1003 ​​​​​​