Question
A company uses the FIFO method for inventory valuation. Beginning inventory consists of 100 units at $10 each. During the period, 300 units were purchased
A company uses the FIFO method for inventory valuation. Beginning inventory consists of 100 units at $10 each. During the period, 300 units were purchased at $12 each, and 200 units were sold. Calculate the cost of goods sold and ending inventory under FIFO.
Description | Units | Cost/Unit |
Beginning Inventory | 100 | $10 |
Purchases (300 units) | 300 | $12 |
Sales (200 units) | 200 |
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Principles of Cost Accounting
Authors: Edward J. Vanderbeck
16th edition
9781133712701, 1133187862, 1133712703, 978-1133187868
