Question
A company uses the FIFO (First-In, First-Out) method for inventory valuation. It had the following transactions during the year: Beginning inventory: 100 units at $10
A company uses the FIFO (First-In, First-Out) method for inventory valuation. It had the following transactions during the year:
- Beginning inventory: 100 units at $10 each
- Purchase 1: 200 units at $12 each
- Purchase 2: 150 units at $15 each
- Sale 1: 250 units
What is the value of ending inventory and the cost of goods sold (COGS) using the FIFO method?
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Core Concepts of Accounting
Authors: Cecily A. Raiborn
2nd edition
470499478, 978-0470499474
