Question
Amazon uses the FIFO method for inventory valuation. The following data is available: Date Purchases (Units) Cost per Unit ($) Sales (Units) January 1 15,000
Amazon uses the FIFO method for inventory valuation. The following data is available:
Date | Purchases (Units) | Cost per Unit ($) | Sales (Units) |
January 1 | 15,000 | $7 | - |
February 1 | 12,000 | $8 | 8,000 |
March 1 | 18,000 | $9 | 12,000 |
Calculate the ending inventory value and the cost of goods sold (COGS).
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Financial and Managerial Accounting Information for Decisions
Authors: John Wild, Ken Shaw, Barbara Chiappetta
5th edition
978-1259317552, 1259317552, 978-0078025600, 78025605, 978-1259335013, 1259335011, 978-1259347641
