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Marigold Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Units Unit Cost Total Cost
Marigold Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available.
Units | Unit Cost | Total Cost | ||||||
---|---|---|---|---|---|---|---|---|
April 1 inventory | 250 | $14 | $ 3,500 | |||||
April 15 purchase | 420 | 17 | 7,140 | |||||
April 23 purchase | 330 | 18 | 5,940 | |||||
1,000 | $16,580 |
Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
Ending Inventory:
Cost of goods sold:
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