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In October (month 10), Kessum Wrappings sold 1985 units of inventory. Using the following information, calculate the cost of goods sold expense and the ending
In October (month 10), Kessum Wrappings sold 1985 units of inventory. Using the following information, calculate the cost of goods sold expense and the ending inventory amount that would be reported at the end of the month if the FIFO inventory valuation methods is used. NOTE that in the answers below the COGS amount is shown first. Units Dollars/Unit Beginning Inventory 10/1 1370 $5.55 Purchases #1 - 10/3 350 $5.59 Purchases #2 - 10/8 440 $6.22 Purchases #3 - 10/15 420 $6.49 Purchases #4 - 10/23 420 $6.78 Purchases #5 - 10/29 300 $6.85 O $11.985.30/$7.939.90 $7.939.90/$11.985.30 O $11.208.30/$8716.90 O $8716.90/$11.208.30
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