1. Calculate the cost of sales under FIFO

2. What is the closing inventory under FIFO?

Models store bought and sold a line of dolls for inventory during December as follows: (Click the icon to view inventory information.) Models uses the perpetual inventory system and prepared its perpetual records under FIFO Requirements 1. Calculate the cost of sales under FIFO. 2. Use the student to show work to answer the following: What is the closing inventory under FIFO Requirement 1. Calculate the cost of sales under FIFO. 0 Inventory information X Units Unit Cost Total Cost Description Units sold from beginning inventory Units sold from recent purchase Total units and cost of sales - FIFO Beginning inventory 13 units @ $11 Sale 9 units 22 Purchase Sale 14 units @ $14 13 units Print Done