Question
ABC Corporation has the following inventory information for March, 2019: Units $Unit cost $ Total Cost Beg. Inv. 2,500 10.50 26,250 Purchase 1 3,200 10.75
ABC Corporation has the following inventory information for March, 2019:
Units $Unit cost $ Total Cost Beg. Inv. 2,500 10.50 26,250 Purchase 1 3,200 10.75 34,400 Purchase 2 2,700 11.00 29,700 Purchase 3 2,000 11.25 22,500 Total 10,400 112,850
On March 31, ABC has 2,800 units in ending inventory. Using the periodic FIFO (first-in, first-out) method, what is cost of goods sold (COGS) for March?
a. $83,450
b. $83,375
c. $81,350
d. $81,550
ABC Corporation has the following inventory information for March, 2019:
| Units | $Unit cost | $ Total Cost | ||||
| Beg. Inv. | 2,500 | 10.50 | 26,250 | |||
| Purchase 1 | 3,200 | 10.75 | 34,400 | |||
| Purchase 2 | 2,700 | 11.00 | 29,700 | |||
| Purchase 3 | 2,000 | 11.25 | 22,500 | |||
| Total | 10,400 | 112,850 |
On March 31, ABC has 2,800 units in ending inventory. Using the periodic FIFO (first-in, first-out) method, what is cost of goods sold (COGS) for March?
| a. | $83,450 | |
| b. | $83,375 | |
| c. | $81,350 | |
| d. | $81,550 |
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Financial Accounting
Authors: Thomas Dyckman, Robert Magee, Glenn Pfeiffer
3rd Edition
1934319600, 978-1934319604
