Question
Given the following: Number purchased Cost per unit Total January 1 inventory 55 $ 4 $ 220 April 1 75 7 525 June 1 65
Given the following: Number purchased Cost per unit Total January 1 inventory 55 $ 4 $ 220 April 1 75 7 525 June 1 65 8 520 November 1 70 9 630 265 $ 1,895
a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 76 units).
b. Calculate the cost of goods sold using the FIFO (ending inventory shows 76 units).
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Cost Management Strategies For Business Decisions
Authors: Ronald Hilton, Michael Maher, Frank Selto
3rd Edition
0072830085, 978-0072830088
