Kingbird, Inc. has the following inventory dа ta:

Nov. 1 Inventory 34 units @ $6.80 each

8

Purchase 137 units @ $7.35 each

17 Purchase 68 units @ $7.20 each

25 Purchase 103 units @ $7.50 each

A physical count of merchandise inventory on November 30 reveals that there are 114 units on hand. Cost of goods sold (rounded) under FIFO is

Question

Susan Russell

Business

12 November, 13:25

Kingbird, Inc. has the following inventory dа ta:

Nov. 1 Inventory 34 units @ $6.80 each

8

Purchase 137 units @ $7.35 each

17 Purchase 68 units @ $7.20 each

25 Purchase 103 units @ $7.50 each

A physical count of merchandise inventory on November 30 reveals that there are 114 units on hand. Cost of goods sold (rounded) under FIFO is

+1

Answers (1)

Know the Answer?

Kenyon Castro · Answer 1

Cost of goods sold (rounded) under FIFO is $ 1.649

Explanation:

Date Q Cost U. Cost inventory Sold Cost

nov-01 34 231,2 6,8 0 34 231

nov-08 137 1006,95 7,35 0 137 1.007

nov-17 68 489,6 7,2 11 57 410

nov-25 103 772,5 7,5 103 0 0

114 228 1.649