Answer- Ending Inventory =$20120
Cost of goods sold =$17260
Explanation-
FIFO Method | ||||||||
Goods purchased | Cost of goods sold | Inventory balance | ||||||
Date | # of units | Cost per unit | # of units sold | Cost per unit | Cost of goods sold | # of units | Cost per unit | Inventory balance |
Apr-01 | 290 | 32 | 9280 | |||||
Apr-15 | 430 | 38 | 290 | 32 | 9280 | |||
430 | 38 | 16340 | ||||||
Apr-23 | 280 | 42 | 290 | 32 | 9280 | |||
430 | 38 | 16340 | ||||||
280 | 42 | 11760 | ||||||
Apr-30 | 290 | 32 | 9280 | 220 | 38 | 8360 | ||
210 | 38 | 7980 | 280 | 42 | 11760 | |||
Totals | 500 | 17260 | 500 | 20120 |
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