Question
Smith Corporation has the following information for its inventory for the month of November, 2020. Date Description Quantity Price 11/1 Beginning 2,000 $5.30 11/5 Sold
Smith Corporation has the following information for its inventory for the month of November, 2020.
| Date | Description | Quantity | Price |
| 11/1 | Beginning | 2,000 | $5.30 |
| 11/5 | Sold | 500 | $12.00 |
| 11/10 | Purchase | 6,000 | $5.40 |
| 11/15 | Purchase | 1,500 | $5.60 |
| 11/20 | Sold | 7,000 | $12.50 |
| 11/28 | Purchase | 1,000 | $5.80 |
Smith Corporation uses the perpetual inventory system.
Determine COGS and Ending Inventory for November, 2020 using FIFO. Show all of your work and clearly label your answer.
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Fundamentals of Investing
Authors: Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk
12th edition
978-0133075403, 133075354, 9780133423938, 133075400, 013342393X, 978-0133075359
