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Suppose that on December 1 Amazon.com has three wireless speakers left in stock. All are identical, all are priced to sell at $73. One of
Suppose that on December 1 Amazon.com has three wireless speakers left in stock. All are identical, all are priced to sell at $73. One of the three wireless speakers left in stock, with serial #1012, was purchased on June 1 at a cost of $45. Another, with serial #1045, was purchased on November 1 for $41. The last wireless speaker, serial #1056, was purchased on November 30 for $35. No purchases were made in December. (a) Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three wireless speakers were sold by the end of December, Amazon's year-end. Cost of goods sold using FIFO $
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