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Grand Forks Enterprises sells toy airplanes to retailers such as K-Mart and Wal-Mart. Information about inventor is contained in the table below. The company uses
Grand Forks Enterprises sells toy airplanes to retailers such as K-Mart and Wal-Mart. Information about inventor is contained in the table below. The company uses FIFO perpetual inventory system. Beginning inventor units 2,000 unit cost @$2.00 total cost $4,000 Sale (1,200) Purchase 4,000 units @ $2.25 cost $9,000 Sale (2,500) Purchase 5,000 @ $2.40 cost $12,000 Sale (6,000) Determine the cost of good sold, and show work.
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