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A company has the following purchases and sales during March. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold?
A company has the following purchases and sales during March. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold? Units Sold at Retail Date March 1 March 2 March 6 March 8 Activities Beginning inventory Purchase Purchase Sales Units Acquired at Cost 10 units @ $37 = $370 10 units @ $39 = $390 6 units @ $42 = $252 22 units @ $71
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