Question
Caterpillar Inc. uses the FIFO method to value its inventory. Beginning inventory consists of 5,000 units at $50 each. During the period, 10,000 units are
Caterpillar Inc. uses the FIFO method to value its inventory. Beginning inventory consists of 5,000 units at $50 each. During the period, 10,000 units are purchased at $60 each, and 8,000 units are sold. Calculate the cost of goods sold and ending inventory under FIFO.
Description | Units | Unit Cost | Total Cost |
Beginning Inventory | $50 | ||
Purchases | $60 | ||
Cost of Goods Sold | |||
Ending Inventory |
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
