Question
Use this inventory information for the month of March to answer the following question. March 1 Beginning inventory 30 units @ $56 7 Purchase 60
Use this inventory information for the month of March to answer the following question.
|
| March | 1 |
| Beginning inventory | 30 units @ $56 |
|
|
| 7 |
| Purchase | 60 units @ $60 |
|
|
| 18 |
| Sale | 25 units |
|
|
| 22 |
| Purchase | 10 units @ $66 |
|
|
| 29 |
| Sale | 40 units
Assuming that a periodic inventory system is used, what is cost of goods sold on a FIFO basis? |
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Wiley CPA Exam Review Auditing And Attestation 2011
Authors: Patrick R. Delaney, O. Ray Whittington
8th Edition
0470554347, 978-0470554340
