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Johnson & Co. uses FIFO cost method in a periodic inventory system. At December 31, 2020 the accounting records provided the following inventory information: Unit
Johnson & Co. uses FIFO cost method in a periodic inventory system. At December 31, 2020 the accounting records provided the following inventory information:
Unit cost | Units | |
Beg. balance, January 1 | $12 | 1,200 |
Purchase, April 1 | $11 | 4,200 |
Purchase, July 31 | $15 | 2,200 |
The company had 4,000 units unsold as of December 31.
What is the total cost of sales in 2020?
please answer with detailed explanation
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