Question
A company has the following purchases and sales during February. Using the FIFO periodic inventory method, what is the cost of the 12 units that
A company has the following purchases and sales during February. Using the FIFO periodic inventory method, what is the cost of the 12 units that are sold?
| Date | Activities | Units Acquired at Cost | Units Sold at Retail |
|---|---|---|---|
| February 1 | Beginning inventory | 10 units @ $12 = $120 | |
| February 3 | Purchase | 20 units @ $14 = $280 | |
| February 5 | Sales | 12 units sold |
Multiple Choice
-
$144
-
$148
-
$146
-
$152
-
$164
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
13th Edition
8120335643, 136126634, 978-0136126638
