Question 8

A company has the following purchases and sales during February. Using the FIFO periodic imventory method, what is the cost of the 12 units that are sold?

A company has the following purchases and sales during February. Using the FIFO periodic inventory method, what is the cost of the 12 units that are sold? Date Activities Units Acquired at Cost Units Sold at Retail Feb. 1 Beginning inventory Y0 units @ $10=$100 Feb. 3 Purchase 20 units @ $12=$240 Feb. 5 Sales 12 units sold $124 $120 $130 $128 $140