Question
Montana Engineering and Design had the following inventory in fiscal 2012. Beginning Inventory, August 1, 2011: 140 units @ $19.50 Purchase 300 units @ $19.00
- Montana Engineering and Design had the following inventory in fiscal 2012.
Beginning Inventory, August 1, 2011: 140 units @ $19.50
Purchase 300 units @ $19.00
Purchase 50 units @ $20.00
Purchase 120 units @ $20.30
Ending Inventory, July 31, 2012: 130 units
If Montana Engineering and design uses the FIFO method of accounting for inventory, the companys cost of goods sold for fiscal 2012 is:
- $9,230
- $2,636
- $9,331
- $11,866
- None of the above
The answer is A, but I would like to know why. Also, what is the correct way to solve this by using formulas.
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The Internal Auditor At Work A Practical Guide To Everyday Challenges
Authors: K. H. Spencer Pickett
1st Edition
0471458392, 978-0471458395
