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YZ Corporation uses the FIFO method for inventory valuation. It made the following purchases and sales of a product during the month: Beginning Inventory: 100
YZ Corporation uses the FIFO method for inventory valuation. It made the following purchases and sales of a product during the month:
- Beginning Inventory: 100 units at $10 each
- Purchase 1: 200 units at $12 each
- Purchase 2: 150 units at $15 each
- Sale 1: 200 units
- Sale 2: 150 units
Calculate the cost of goods sold and ending inventory using the FIFO method.
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