Question
FIFO Accounting Question Carstow uses the perpetual inventory method. Carstow had the following inventory transactions in May, 2001, On May 1, Carstow had 250 units
FIFO Accounting Question
Carstow uses the perpetual inventory method. Carstow had the following inventory transactions in May, 2001, On May 1, Carstow had 250 units in inventory that cost $8 each. On May 14, Carstow purchased 800 units at $10 each. On May 20, Carstow purchased 60 units at $13 each. On May 24, Carstow purchased 110 units at $14 each. Carstow sold 840 units during May for $28 each. What is the cost of Carstow's inventory at the end of May assuming Carstow uses the FIFO method?
*FIFO COGS = $7900 (I tried this and it was incorrect?)
Is it asking for total COGS? I only have 1 attempt left so I need confirmation. Thanks!
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