Question
Use this inventory information for the month of July to answer the following question. (4 points) July 1 Beginning inventory 10 units @ $120 5
Use this inventory information for the month of July to answer the following question. (4 points)
| July | 1 | Beginning inventory | 10 units @ $120 | ||
| 5 | Purchase | 60 units @ $112 | |||
| 14 | Sale | 40 units | |||
| 21 | Purchase | 30 units @ $116 | |||
| 31 | Sale | 28 units | |||
Assuming that a periodic inventory system is used, what is cost of goods sold on a FIFO basis?
| A. | $7,696 | |
| B. | $7,736 | |
| C. | $3,664 | |
| D. | $3,704 |
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Introduction To Managerial Accounting
Authors: Peter Brewer, Ray Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan
6th Canadian Edition
1260060411, 9781260060416
