Question
Costco uses the FIFO method for inventory valuation. The following data is available: Date Purchases (Units) Cost per Unit ($) Sales (Units) January 1 10,000
Costco uses the FIFO method for inventory valuation. The following data is available:
Date | Purchases (Units) | Cost per Unit ($) | Sales (Units) |
January 1 | 10,000 | $5 | - |
February 1 | 8,000 | $6 | 5,000 |
March 1 | 12,000 | $7 | 10,000 |
Calculate the ending inventory value and the cost of goods sold (COGS).
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Cost Accounting A Managerial Emphasis
Authors: Horngren, Srikant Datar, George Foster, Madhav Rajan, Christ
6th Canadian edition
978-0132893534, 9780133389401, 132893533, 133389405, 978-0133392883
