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9 February, 18:12

Sanfillipo, Inc., had 800 units of inventory on hand at March 1 of the current year, costing $20 each. Purchases and sales of inventory during the month of March were as follows: Date Purchases Sales March 8 600 units 15 400 units @ $22 each 22 400 units @ $24 each 27 400 units Sanfillipo uses the perpetual inventory system. According to a physical count, 600 units were on hand at the end of March. The cost of goods sold for March applying the FIFO method is:

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  1. 9 February, 18:31
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    According to a physical count, 600 units were on hand at the end of March. The cost of goods sold for March applying the FIFO method is:

    $1081600

    Explanation:

    MARCH 1 800 20

    MARCH 8 8600 22

    MARCH 8 15400 22

    MARCH 8 22400 24

    MARCH 8 27400 24

    Final Inv. 600

    Sell units 74000

    FIFO Purch. Unit cost Sell Un. Cost

    MARCH 1 800 20 800 16000

    MARCH 8 8600 22 8600 189200

    MARCH 8 15400 22 15400 338800

    MARCH 8 22400 24 22400 537600

    MARCH 8 27400 24 26800 643200

    74000 1081600
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